Re: [Pen-l] lump of labor

[Jim Devine <jdevine03@xxxxxxxxx>]

Bill O'Connor wrote:
> This is my understanding, and the reason for the ghoulish rise in stock
> prices when unemployment goes up.

It's a mistake to presume that stock prices always go up with
unemployment. I'd bet that if the US unemployment rate for June came
in at 10.5% this year, stocks would collapse. While high U helps the
production of profits (by motivating work & depressing wages) it also
hurts the realization of them as money (since it goes along with
depressed sales revenues).

-- 
Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own
way and let people talk.) -- Karl, paraphrasing Dante.
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