I heard a UK economist on the radio this week complaining about high employment levels in the country. Apparently, high employment is bad for the economy, since it forces wage and salary levels upwards, which is bad for UK exports and the overall economy. Conversely, high unemployment level is preferable, according to this economist, since it creates “a competitive employment background”, which results in wage stability and even a reduction in production costs.

© Barrie Mahoney 2025

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