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Old October 9th, 2017, 08:34 AM   #11

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Small nations with a much smaller underclass to subsidize. The largest is Canada. The others are under 10 million, less than the state in which I reside. Iceland has 330,000 residents, less than most counties in the U.S. Norway is awash in petrol.
Sweden > 10 million
Netherlands 17 million
Australia 25 million
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Old October 9th, 2017, 08:40 AM   #12

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Sweden > 10 million
Netherlands 17 million
Australia 25 million
Thanks. I was trying to find the nations on a long list. My point still holds. It is easier to address issues in a developed nation of 25 or 17 or 10 million, than one of 323 million. Sheer numbers of untrained, under educated persons will always slow down an economy.
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Old October 9th, 2017, 08:41 AM   #13
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For most of human history there were shortages of even the most basic of necessities starting with food.....

Then in the 1950s or so we entered the era of plenty.

And now we have a weird situation:

On one hand there are many unfulfilled needs (infrastructure, security, etc..)
On the other hand we have the capability to produce more than enough to fulfill these needs
And at the same time we have large numbers of unemployed and poor (a recent EU study claims that a quarter of EU citizens are either poor or at severe risk of becoming poor)

So we have the means, we have the needs, we have the workforce and yet somehow we cant make it work....or at least we cant make it work for a significant number of people

Why ?
No we have been here before - a golden age accompanied by major unemployment.

https://en.wikipedia.org/wiki/Second...ial_Revolution

Vast number of inventions from 1870, transportaion, electrification, telegraph, chemicals, petroleum etc etc. Huge increase in food supply from US Mid West and big improvement in public health etc

AND yet at the same a Depression - the Long Depression which saw prices continually falling and large increases in unemployment.
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Old October 9th, 2017, 09:31 AM   #14
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I assume that you are addressing Europe's economy, since you reference the EU. .
Na, that was just an example

The US has the same problem.... and so do many others
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Old October 9th, 2017, 09:32 AM   #15
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Norway didn't squander its oil wealth when it had it. North Sea oil has sharply contracted in recent years, but unlike the UK, Norway invested the revenue it got from oil, resulting in one of the largest sovereign wealth funds in the world and an ongoing income stream.

The UK used the revenue to pay off its current spending. Once the revenues were gone, there was nothing to replace it.
Norway has about 12 times less population than the UK, so not really comparable.... they got much more oil/head
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Old October 9th, 2017, 09:33 AM   #16

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Norway has about 12 times less population than the UK, so not really comparable.... they got much more oil/head
They did, but there was still no reason to have to expand the welfare state to the extent that it was, and paid for with oil revenues.
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Old October 9th, 2017, 09:36 AM   #17
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Because the market is inefficient.

.
My problem with "the market".. is that it does not exist.... at least not without rules (regulations)

you would not buy or sell without protection... for example , if selling, the assurance that you will be paid..... or if buying , the assurance that you will get the product and it will be of a reasonable quality

these rules themselves, of course influence behavior.... which in turn influences the economy....

for example if you force people to wear seat belts, you've just created a seat belt industry.... if you prohibit diesel engines, you kill the diesel engine industry.... etc....
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Old October 9th, 2017, 09:49 AM   #18

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Na, that was just an example

The US has the same problem.... and so do many others
I see plenty of help wanted signs in my area, which is not a major urban area. I work with young adults. Most refuse to work for $10-$12 per hour, even though many of them don't even have a diploma. Give the American economy some time.
https://www.bls.gov/news.release/empsit.nr0.htm

Last edited by Rodger; October 9th, 2017 at 09:53 AM.
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Old October 9th, 2017, 10:13 AM   #19
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I see plenty of help wanted signs in my area, which is not a major urban area. I work with young adults. Most refuse to work for $10-$12 per hour, even though many of them don't even have a diploma. Give the American economy some time.
https://www.bls.gov/news.release/empsit.nr0.htm

and still poverty in the US affects about 15% of the population
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Old October 9th, 2017, 10:17 AM   #20

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and still poverty in the US affects about 15% of the population
Yeah. The irony of it all.
https://www.forbes.com/sites/louiswo.../#5edb8a836f49
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