Re: [Pen-l] The fundamental crisis response. was Ecological creditcrunch

[Eugene Coyle <eugenecoyle@xxxxxxx>]

No austerity program!  If we cut working time -- going to a four day  
week of 8 hour days, for example -- WITH NO CUT IN PAY -- that is not  
austerity.  People's pay remains the same, they are actually  
financially better off because of a significant drop in expenses.  I  
can elaborate on that.

So what happens here?  Profits drop -- the income distribution could  
be significantly improved.  But the income taken from the owners is  
distributed to the workers as time, not money.

Daly makes the distinction between development and growth.  Innovation  
and technology will march on -- but rather than increasing the  
conventional GDP it will lead to a relentless cut in work time.  32  
hours a week, followed by 28, then by 24, then 20.  No austerity.

Gene Coyle
On Oct 30, 2008, at 5:48 PM, raghu wrote:

> On Thu, Oct 30, 2008 at 5:28 PM, Carrol Cox <cbcox@xxxxxxxxx> wrote:
> > Volcker wanted standards of living to decline in order to get MORE
> > growth. He had no intention at all of slowing or stopping growth.  
> > That's
> > why your posts on him got such a negative response.
>
>
> That seems a bit contradictory - how can you get more growth by
> putting everyone on an austerity program?
> -raghu.
>
> --
> "Really ?? What a coincidence, I'm shallow too!!"
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