That students are in the streets demonstrating against this pension reform suggests professors and politicians have failed to explain what economists call the lump-of-labor fallacy. Jobs are not fixed and do not depend exclusively on the supply of labor.
Francois Melese
François Melese is professor of economics and deputy executive director of the Defense Resources Management Institute (DRMI) at the Naval Postgraduate School in Monterey, California.
Latest work
The Free Market 20, no. 6 (June 2002) Corruption breeds poverty. That is the conclusion of the latest World Development Report, in which the World Bank cites “evidence that higher levels of corruption...
The Free Market 16, no. 2 (February 1998) Scrooge came in the form of government last year. The company Bill Gates built into the planet’s leading money machine is still the target of a federal probe...
