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David Blanchflower

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People are treated for mental disorders, they go back to work and they earn wages again. We can see how their earnings go up. But how do they feel about themselves and the world? That has a value.
--
Reuters article 22 March 2006

 
David Blanchflower

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People who originally have no means but are ultimately able to earn a great deal, through whatever talents they may possess, almost always come to think that these are permanent capital and that what they gain through them is interest. Accordingly, they do not put aside part of their earnings to form a permanent capital, but spend their money as fast as they earn it. But they are then often reduced to poverty because their earnings decrease or come to an end after their talent, which was of a transitory nature, is exhausted, as happens, for example, in the case of almost all the fine arts; or because it could be brought to bear only under a particular set of circumstances that has ceased to exist.

 
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Most men would feel insulted, if it were proposed to employ them in throwing stones over a wall, and then in throwing them back, merely that they might earn their wages. But many are no more worthily employed now.

 
Henry David Thoreau
 

When returns on capital are ordinary, an earn-more-by-putting-up-more record is no great managerial achievement. You can get the same result personally while operating from your rocking chair. just quadruple the capital you commit to a savings account and you will quadruple your earnings. You would hardly expect hosannas for that particular accomplishment. Yet, retirement announcements regularly sing the praises of CEOs who have, say, quadrupled earnings of their widget company during their reign - with no one examining whether this gain was attributable simply to many years of retained earnings and the workings of compound interest.

 
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Another characteristic of the idler's work is that it looks suspiciously like play. This, again, makes the non-idler feel uncomfortable. Victims of the Protestant work ethic would like all work to be unpleasant. They feel that work is a curse, that we must suffer on this earth to earn our place in the next. The idler, on the other hand, sees no reason not to use his brain to organise a life for himself where his play is his work, and so attempt to create his own little paradise in the here and now.

 
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The wage system has made people believe that what a man needs is work. This, of course, is absurd. What he needs is the goods produced by work, and the less work involved in making a given amount of goods, the better. But owing to our economic system, every economy in methods of production enables employers to dismiss some of their employees, and to cause destitution, where a better system would produce only an increase of wages or a diminution in the hours of work without any corresponding diminution of wages.

 
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