December 9, 2012
Depressions are measured in terms of unemployment, monetary velocity, bankruptcies, and the like.
But perhaps they should be measured on the Mohs Scale.
These are hard times, we say. Its not easy for some folks to find work. But the hardness isnt quite so hard as you might think. The real trouble is, the times are too soft.
According to Casey Mulligan, author of The Redistribution Recession, theres no great difficulty in explaining the length of the current depression, nor in explaining why the poor have participated...