Michael Hudson Quotes About Labor

Quotes about: Labor

• The most serious problems lie in the financial sphere, where the economy's debt overhead has grown more rapidly than the 'real' economy's ability to carry this debt. [...] The essence of the global financial bubble is that savings are diverted to inflate the stock market, bond market and real estate prices rather than to build new factories and employ more labor.

  Michael Hudson

  Real, Lying, Essence

  "Financial Capitalism v. Industrial Capitalism". michael-hudson.com. September 3, 1998.

• The concept of productivity in America is income divided by labor. So if you're Goldman Sachs and you pay yourself $20 million a year in salary and bonuses, you're considered to have added $20 million to GDP, and that's enormously productive. So we're talking in a tautology. We're talking with circular reasoning here.

  Michael Hudson

  Labor, Productivity, Productive

  Source: www.counterpunch.org

• If you increase living standards, you make labor more productive. This is why Asia today is becoming more productive than the United States.

  Michael Hudson

  United States, Today, Asia

  "Higher Taxes on Top 1% Equals Higher Productivity". therealnews.com. January 1, 2011.

• When we say "people worry" about inflation, it's mainly bondholders that worry. The labor force benefitted from the inflation of the '50s, '60s and '70s.

  Michael Hudson

  Labor Force, People, Worry

  Source: www.counterpunch.org

• If the economy is growing, people want to employ more workers. If you hire more labor, wages go up.

  Michael Hudson

  People, Wages, Growing

  Source: www.counterpunch.org

• Most people think of the economy as producing goods and services and paying labor to buy what it produces. But a growing part of the economy in every country has been the Finance, Insurance and Real Estate (FIRE) sector, which comprises the rent and interest paid to the economy's balance sheet of assets by debtors and rent payers.

  Michael Hudson

  Country, Real, Thinking

  Source: www.counterpunch.org

• If you look at payments to labor as a proportion of national income or gross domestic product, you find profits going way up, investment and savings going up.

  Michael Hudson

  Income, Looks, Saving

  Source: www.counterpunch.org

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