29 June 2010

Sisyphus Objects

The promulgation of economic fallacies never ends. From Kai Ryssdal, host of public radio's Marketplace:

Productivity is at an all time high. That means workers are working harder.

In other words, Sisyphus is the most productive worker of all time.

And that farmer in his air-conditioned combine? Obviously less productive than his great-grandfather handling the plow behind a team of horses was, no?

Has anyone ever cataloged and categorized the standard economic fallacies? #1, I think, would be the "lump of labor" fallacy. But I'm not sure what number to give to the "productivity = working harder" fallacy.

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