by Chris Rossini, The Economic Policy Journal:
Evidently, Paul Krugman wants to end 2013 by defiling basic economics at least one more time. Although, four days still remain, so let’s not write him off just yet. Today he writes:
Some people would have you believe that employment relations are just like any other market transaction; workers have something to sell, employers want to buy what they offer, and they simply make a deal.
Look…the dying ideas of John Maynard Keynes may still hold sway with the political masters. After all, they really have nothing else to hang their hats on. But basic economic concepts go back many centuries, and are understood (even today) by more than just “some people”.
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