Opinion | A great inexcusable macroeconomics—grim—omission
We must rectify the colossal failure of the discipline to consider a policy of shorter work hours
Colossal job losses are ongoing globally due to the corona calamity. In a recent article, I suggested pragmatic policies, when demand drops drastically, to reduce hours per worker (‘Ignore the work week; Reduce the work year’, Mint, 16 June). As a matter of fact, policies to share work, based on the week, were widely discussed in the 1930s and partly implemented in response to the Great Depression. Nevertheless, leading economists then failed to discuss shorter-hour policies, and so in the post-War period too. Delving into the raging discussion then provides valuable guidelines for policies now.
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