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Comments on: Scarcity easing in manufacturing? http://www.tvhe.co.nz/2012/11/21/scarcity-easing-in-manufacturing/ The Visible Hand in Economics Mon, 10 Dec 2012 20:33:25 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: Another example of why we need a full story | The Dismal Science http://www.tvhe.co.nz/2012/11/21/scarcity-easing-in-manufacturing/#comment-40286 Mon, 10 Dec 2012 20:33:25 +0000 http://www.tvhe.co.nz/?p=7799#comment-40286 […] story here – it misses the idea that the returns to manufacturing may be falling (due to easing scarcity), it misses that we may not have the scale for such things, it misses that we may have a […]

]]> By: Working towards a “why” of changes in manufacturing | The Dismal Science http://www.tvhe.co.nz/2012/11/21/scarcity-easing-in-manufacturing/#comment-40265 Sun, 02 Dec 2012 22:42:03 +0000 http://www.tvhe.co.nz/?p=7799#comment-40265 […] economic activity in NZ.  Also as we have said, it may be possible that what we are seeing is scarcity easing in manufacturing – a situation where we would expect productivity rise, and potentially employment […]

]]> By: Matt Nolan http://www.tvhe.co.nz/2012/11/21/scarcity-easing-in-manufacturing/#comment-40238 Fri, 23 Nov 2012 22:16:00 +0000 http://www.tvhe.co.nz/?p=7799#comment-40238 In reply to Kevin McMenamin.

And if that is the result of improving technology, then the “right” policy solution would be one that allows people to move into other work by helping them transition into other skills etc – rather than giving money to manufacturers directly by messing around with the dollar.

It is in an interesting point to think on at least

]]> By: Kevin McMenamin http://www.tvhe.co.nz/2012/11/21/scarcity-easing-in-manufacturing/#comment-40236 Fri, 23 Nov 2012 04:34:00 +0000 http://www.tvhe.co.nz/?p=7799#comment-40236 Don’t know if you subscribe to John Maudlin but his latest newsletter shows what is happening in US manufacturing – huge output increases with declining human input as robotics(ie capital) displaces labour. Looking at stats NZ we appear to be about 7% down since 2005 and up about 7% from a low point in 2009 which does put the recent hysteria about job losses into perspective. We are likely to continue to lose jobs while increasing output.

]]> By: Matt Nolan http://www.tvhe.co.nz/2012/11/21/scarcity-easing-in-manufacturing/#comment-40227 Tue, 20 Nov 2012 20:50:00 +0000 http://www.tvhe.co.nz/?p=7799#comment-40227 In reply to Mark Hubbard.

Si, I’ve seen a bunch of stuff about the Great Stagnation. I’m not entirely convinced, as I’m not sure many of the improvements we’ve experienced in consumer technology are being appropriately taken into account when we discuss this.

Furthermore, it is a description of what has happened – when the idea that we are on the verge of a “second industrial revolution” through large parts of the manufacturing sector is one of those weird looking forward things 😛

When it comes to discussing the role of the state and technology, I’ll stick to the idea of an equity-efficiency trade-off, but I’ll also allow scope for endogenous technological change. I’ll then leave it open as an empirical question rather than taking a firm view – as that is what I do.

]]> By: Mark Hubbard http://www.tvhe.co.nz/2012/11/21/scarcity-easing-in-manufacturing/#comment-40226 Tue, 20 Nov 2012 20:32:00 +0000 http://www.tvhe.co.nz/?p=7799#comment-40226 Have you ever strapped your sad panda eyes around Tyler Cowan’s great stagnation thesis? http://www.coordinationproblem.org/2011/07/why-the-great-stagnation-thesis-is-the-most-subversive-libertarian-argument-of-our-age.html

(This is one of those ‘sort of related’ comments again.)

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