Wednesday, December 01, 2010

The Wrong Kind of Growth

A telling and depressing graphic from John Mauldin's latest eletter:


Blogger Richard said...

A decline in manufacturing would be acceptable if, as would occur under laissez-faire, it were replaced by the greater value of information technology (could we see an histogram on that?). However, the rise in government jobs sorely suggests that the decline in manufacturing is in part due to a shift of the workforce into the government.

That is a very serious issue. Government 'jobs' never, create new valu. The money the civil servant is paid is a) always more than the value of what s/he produces, and b) matched by the state's theft of real value from the marketplace.

Police, courts & military are the only exceptions, provided the
enforced laws & foreign policy actions are rational. They too are in enormous decline.

9:17 PM  

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