> But the cost of recessions, especially pre-Keynsian ones, falls most heavily on workers?
I dunno, does it? Why do you think that? Who is the cost of bad capital allocation going to fall on? I'm not expecting any millionaires to go hungry or do without in their old age, or lack housing and goods in their youth. The people eating the brunt of it are workers. They can't save money.
I dunno, does it? Why do you think that? Who is the cost of bad capital allocation going to fall on? I'm not expecting any millionaires to go hungry or do without in their old age, or lack housing and goods in their youth. The people eating the brunt of it are workers. They can't save money.