
The Paradox of Toil (2010) - apo
https://www.newyorkfed.org/research/staff_reports/sr433.html
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roenxi
These paradoxes are a lot of fun. In this case, the paradox in essence says
that under some circumstances there isn't a limitless amount of work to be
done, so if people try to work harder aggregate employment can't rise.

As with the paradox of thrift this exposes the essential madness of modern
politics, modern economics and indeed modern humans. Most people would much
rather be lounging around comfortably all day than working. It would be better
if the economy let people lounge around all day and only work every so often
to secure what they need to live comfortably. Employment for the sake of
goosing the statistics is profoundly wasteful.

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ptah
i agree, politicians should stop focusing on jobs as a goal and focus on
fulfilling the goals that people need jobs for in industrial age

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lonelappde
"jobs" is the only way the capitalist system can work, for otherwise you have
to just give stuff away for free.

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ptah
what's wrong with giving stuff away for "free"

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soVeryTired
They're writing down a model and investing mathematical properties of that
model: there's no attempt to link it back to the real world.

Feels a bit like arguing about how many angels can dance on the head of a pin.

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amelius
Why are basic economic insights often formulated in terms of paradoxes?

What if physics took this stance? We'd have the paradox of Newton, the paradox
of Faraday, etc.

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inimino
It may be a sign of how early economics is as a science, and how much of it is
simply wrong. Often physics and philosophy has moved forward by the resolution
of a paradox, like Russell's and Zeno's. Behavioural economics resolves many
classical economic paradoxes. Paradox indicates an oversimplified model.

