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"Wages Must Fall!": Matt Yglesias Edition, by Bryan Caplan

With this, Matt Yglesias instantly enters my sadly short list of good Keynesians:
The depressing truth is that the easiest way to bring good, high-paying manufacturing jobs back to America is to make them less good and less well-paying...
More goodness:
[T]he reality is that story that begins with mass unemployment is inevitably going to end with lower average real wages. The hope is that the increase in the number of employed people and the increased availability of full-time work leads to higher real incomes.
Matt's inspiration?  Another apparently good Keynesian at the New York Times:
Manufacturers are hiring again in America, softening a long slide in factory employment. But for a new generation of blue-collar workers, even those protected by unions, the price of employment is likely to be lower wages stretching to retirement.
The NYT details the erosion of dysfunctional fairness norms:
The shrunken pay scale for newcomers -- $12 to $19 an hour versus $21 to $32 an hour for longtime workers -- threatens to undo the middle-class status of even the best-paid blue-collar jobs still left in manufacturing...

[...]

In an earlier era, that would have been a source of friction, perhaps protest. Now it isn't, and in an interview William Masden, 62, earning $31.78 an hour after 42 years at Appliance Park, attempted an explanation. The younger workers still get annual raises, he noted, and by the time they top out, he and his peers -- the oldest baby boomers -- "won't be here any longer to remind them of what they are missing."

My proposed New Year's resolution for all Keynesians: Learn from Matt Yglesias and the New York Times.  Say it with me, my Keynesian brothers and sisters: Wages must fall!

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