Re: Economic Rent in Terms of Risk Free Interest Rate

ruetheday@xxxxxxxxxx wrote:

<snip> 
Employment isn't labor. There is significant political
interest in maintaining rates of employment, ala
Bismarck.



So you contend that most of the people employed today are engaged in
unproductive make-work engineered by political forces that in no way
benefits the employer?



In vast number. Most of this make-work is disguised as
regulation or compliance. Some of it is simple
headcount obsession. Some of it is just bad
workflow engineering.

It, of course, depends. How do you think the last five years'
magickal "productivity gains" happened? This fraction has
been reduced.


Capital makes labor
more productive, it doesn't eliminate the need for it.




Please note I said *marginal* factor - this
according to Drucker as  a direct component
of COGS.



Perhaps in the modern industrial world, the traditional accounting
measure of COGS underrepresents labor's contribution to output.  IOW,
in an environment where most workers are not involved in the _direct_
production of widgets or whatever else their employer happens to sell,
the traditional classification of their labor as "overhead" isn't
entirely accurate because it does recognize the fact that their labor
does in some way allow the company to produce and sell more.


Mismeasure is always a possibility, but from years
of watching people work, I beleive the claim that
labor is a declining fraction.

--
Les Cargill
.

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