Karl Keating:
But it is true that “full employment” means that a small percentage of the people are without jobs. (The figure most often cited, it seems, is about 4%.) How can this be?
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Karl Keating
Back in the 70’s all economic books I saw said that Full Employment was 95% Employment. When I checked this out about 2 years back when I was blogging at the CSPAN website, this tallied well with the tables of the Bell Curve which had tables for 5% and then I think 2% and then 1% but none for 4 %. Yes, I am sure that is where they got that 95% figure and 5% unemployment. AND MAKE MILLIONS OF PEOPLE THROUGHOUT THE WORLD VICTIMS OF THIS BELL CURVE. When did they start revising economic history and changing 5% to 4%??? That’s why, First Lady Laura Bush who is a librarian, it is not good to be destroying the old books while putting the new books. Revisionist history will come in!!! Then those telling the truth will look like liars.
In Thailand, even the monkeys are trained to produce GDP by climbing tall tall coconut trees so the Thai farmer won’t have to climb the trees.
I hope other countries will also inch and inch and inch higher and higher towards 100% EMPLOYMENT and even to NEGATIVE UNEMPLOYMENT. That way, the US WILL BE FORCED INTO HIGHER AND HIGHER EMPLOYMENT AS A RESULT OF COMPETITION. Maybe the employment in the US will go down as people find employment abroad. But so long as the poorest of the poor can find employment, that’s fine with me.
In the production of jobs, I would suggest that the US reform its Patent and Copyright Laws. If I were a songwriter, the moment I make a new song and publicize it, INSTANTLY I have copyright ownership for the song and the Copyright office I think will charge me a $35 fee to formalize it with a copyright certificate.
Not so with an invention or experimental invention, Mr Keating. In the case of an invention which may have to be protected say by 10 patent numbers, the patent lawyer may want $5,000 for each patent number or $50,000 for the 10. Over the 17 year life of the patent, the patent office wants something like $25,000 for each patent number or $250,000 for the 10. $300,000 to fully protect an invention. Where will a poor inventor get $300,000??? And the US government does not even want to pay a single cent when it uses the invention!!! Unless the inventor spends another huge sum to go to court and lawyers.
But God who is the source of all creation and creativity, He knows to whom He gave the inspiration. Unjust laws made by the special interests end up as laws that make Johnny come latelies and thieves and the wrong people and the government and the public domain the owners of the inventions. In the biographies of inventors, authors observed and wrote that, “POVERTY IS THE MOTHER OF BOTH NECESSITY AND INVENTIONS.”
A country needs inventions to give jobs to people manufacturing, distributing, selling new products and providing new services. That’s how jobs were produced during the time of Malthus and the Industrial Revolution. Even during the great depression, that solution of Keynes, that was a “NON-OBVIOUS PROCESS”, AN INVENTION FOR A PROCESS!!! Even this recent jump of the US employment rate to 96.1% and the huge increase in the GDP produced!!! Even this always near 95% employment policy of Greenspan!!!
How can a country encourage inventors to invent if the true inventors they cheat, extort huge fees. Many of these inventors, as evidenced by a patent office application form for the relatives of an inventor gone insane or is dead, indeed made useful inventions that are sold commercially in the market place. But the strain on the inventor has already sent the inventor to the assylum or grave. That is no way to encourage inventors to invent. Yet in the US Constitution itself which all presidents and congressmen and heads of departments swore to uphold and defend, article 1, section 8, clause 8 MANDATES CONGRESS TO ENCOURAGE INVENTIONS. That’s right, non-obvious solutions which are also called inventions are what can bring about 100% employment or even negative unemployment plus high GDP and in so doing CAUSE THE CRIME RATE MENTIONED BY BILL BENNET TO GO WAY WAY DOWN!!!
the-eurasian@earthlink.net