Hadn't heard about the Phillips Curve before. Good old economists, good to see they were just as unable to see the long term consequences of a short term win then as they are now.|
The big problem with employment is people got greedy. Everybody wanted a "middle class" existence with foreign holidays, nice things around the home, which they probably owned etc. That is what drove the strikes of the 70s, especially the miners strikers, and ultimately led to the fall of much of the heavier industries in the UK. I know Thatcher gets blamed for a lot of this, but she was really just responding to how social and economic expectations had been changing throughout the 70s. Everybody wanted everything, and there wasn't enough to go round.
Not too dissimilar to what did us all in late 00's either.
#9365077, By chopsen Changes to employment over the past 60 years.
chopsen 17,036 posts
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