Companies struggling to fill jobs 'should try paying more,' Fed's Kashkari says

Re:Companies struggling to fill jobs 'should try paying more... by cutler on Thursday November 15, 2018 @10:15AM (#18459844)

That should read "Positive Economics 101", ie. the status quo-legitimising ideology economics students are spoon-fed as if it was some kind of car manual. Postivism is rampant in economics departments where it obscures deeper questions such as the labour theory of value (Marx) and the role of government in creating demand (Keynes). Adam Smith's Invisible Hand is the fiddle that capitalists such as Donald Trump play while Rome burns.

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Re:Companies struggling to fill jobs 'should try paying more... by eiaoa on Thursday November 15, 2018 @10:40AM (#18460066)

> That should read "Positive Economics 101", ie. the status quo-legitimising ideology economics students are spoon-fed as if it was some kind of car manual.

Do you have any links to books or articles that go into this idea in more depth? It definitely feels true, especially in how oversimplified economic theories are presented to laymen.

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Re:Companies struggling to fill jobs 'should try paying more... by jayess on Thursday November 15, 2018 @10:59AM (#18460269)

Sorta how 1 + 1 = 2 is oversimplified for laymen.

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Re:Companies struggling to fill jobs 'should try paying more... by eiaoa on Thursday November 15, 2018 @11:40AM (#18460702)

What's your point? That economics is as simple as 1 + 1 = 2? That the typical economics works for laymen present a full understanding of all competing theories that have reasonable claims to some truth, controversies, and assumptions that may not hold in the real world?

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Re:Companies struggling to fill jobs 'should try paying more... by newguynewguy on Thursday November 15, 2018 @11:18AM (#18460459)

I'm pretty sure the labor theory of value was more central to Adam Smith's work than the Invisible Hand.

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