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But perhaps we have been reading too much management blurb. We have also mulberry bags sale seen the rise of 'organizational economics' enter the field, both in theory and in practice, and we're fairly familiar with that literature. The premise, as with much of economics, is that work is a 'disutility,' that is, people supposedly work only for financial gain and slack off as soon as circumstance permit, and this can mulberry bags outlet only be countered by an intricate system of financial incentives and surveillance. Work might very well be a disutility when behind the counter at McDonald's, but whether that holds true for the majority of the professions on which the competitive advantage of so many organizations rely remains to be seen. Such inherently distrusting organizational and management approaches risk killing the involvement of the most valuable and creative employees, diminishing their professional ethic mulberry outlet online and reduce their cooperation to that which can be contractually enforced ('perfunctory cooperation'). Perfunctory cooperation doesn't cut it when performance depends on the interpretation, creativity and problem solving capabilities of employees and it isn't conducive to creating an organization in which ideas, information and knowledge are flowing freely. Shareholders main role used to be to provide capital to entrepreneurs and companies, but lately, the flow of funds have mulberry sale uk reversed and companies are returning way more capital to shareholders. This is a curious and somewhat worrying development, and could reinforce pressures to treat labor simply as a cost to be minimized. Productivity, wages and secular stagnation For each individual company, wages can be seen as a cost and demand an externality, but mulberry handbags outlet for all firms together this no longer holds. We have attended readers to the growing gulf between median wages and productivity before, but we're fairly sure it's an important development and one that has been going on since the 1970s. (click to enlarge) The graph above contains median (most frequent) wages (including benefits), that is, it reflects as much a deterioration in job quality as it does reflect lagging wages itself. Nevertheless, the trend is, in our view, alarming, for the mulberry factory outlet simple economic reason that it strongly suggest that demand for goods and services does not rise in tandem with the supply of these. This tunes in directly into the so called 'secular stagnation' debate opened by Larry Summers, who argued that even credit infused asset bubbles can't produce an overheated economy mulberry handbags sale anymore. Daniel Davies from Crooked Timber summarized it as follows: the thesis is that since about the mid 1990s, it has been the case that it has only been possible to achieve anything like full employment in America during periods when the private sector has been chronically over consuming and increasing its debt levels. The "natural rate of interest" consistent with full employment has been consistently negative all that timeWe offered wages lagging productivity as the main explanation mulberry clutch for this long before the debate on secular stagnation started. 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