In The New York Times no less, an article on chronic unemployment:
“American business is about maximizing shareholder value,” said Allen Sinai, chief global economist at the research firm Decision Economics. “You basically don’t want workers. You hire less, and you try to find capital equipment to replace them.”
One wonders if Mr. Sinai knows the pedigree for this insight about capitalism? Or if he understands the consequence of this logic?
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