GAI - We have enough to share

[Toro]

The striking feature of banking in the past two decades is technological innovation. This has had made the Fed's job very difficult.  When you say the value of monetary aggregates grew by 20%, I would expect those to be widely defined financial instruments.

M2, MZM.

No question that the ability to create money is easier now, but I doubt you would have seen the explosion of asset values around the world if monetary aggregates were growing 5% a year. The relationship may not be linear, but its there. Excess liquidity has filtered into the bond, real estate and commodity market as opposed to the labour market. And thus, I support what you say about the independence of central banking.

The basic lesson of the 1950s-1970s still applies - and it's basically a monetarist lesson: central banks must be independent of governments and monetary policy should be conducted to keep inflation low.

Technological innovation frequently seeks ways to improve productivity and reduce the need for labour.  IOW, new technology causes unemployment.

That's been the argument against technological improvement for 200 years. It is technology that is a great creator of wealth. Technology increases wealth because it lowers cost curves and offers products at lower prices. There are always dislocations with new technologies, but if technology wasn't a big creater of wealth, then the most productive societies would be the poorest and vice-versa. The history of economic development of the planet is technological innovation.

[geoffrey]

That's been the argument against technological improvement for 200 years.  It is technology that is a great creator of wealth.  Technology increases wealth because it lowers cost curves and offers products at lower prices.  There are always dislocations with new technologies, but if technology wasn't a big creater of wealth, then the most productive societies would be the poorest and vice-versa.  The history of economic development of the planet is technological innovation.

<{POST_SNAPBACK}>

Agreed Toro, you really can't argue with results.

GAI just sounds like another way for people to mooch off my money that I actually work for. If I can make a sustainable living as a university student, then really, I have no sympathy for those that can't. Your financial situation, in terms of living sustainably or being poor, is in your hands. If you don't want to work full time or two jobs or whatever you have to do to put food on the table and a roof over your head, then really don't complain. You deserve to be where your at. The fact that I, being this university student, that pays thousands in tution a year and still manages to make above the poverty line in income and pay taxes to those that decide not to work(yes I have support too from family, but I do make enough to support myself without school costs), is completely insulting to me.

A better idea than GAI. Complete tax credits for university students that actually are going to contribute to society instead of leech off it.

[Argus]

A better idea than GAI. Complete tax credits for university students that actually are going to contribute to society instead of leech off it.

<{POST_SNAPBACK}>

I've often thought that since the government recovers far more in taxes from college and university graduates it should move towards free post-secondary education. Then again, that could bring about the law of diminishing returns, where even the garbage man needs at least a college diploma.

Nevertheless, it is unquestionably true that over the long term a government gets a lot more back than it gives to skilled citizens. So it seems to me the government should be far more energetic in its efforts to impart skills to its citizens. Most present government skills training being run through HRDC is a joke because to save money they're usually brief programs, ie, a month, six months. Why don't we have, for example, a special trades skills organization offering up heavily subsidised training in the construction and renovations trades. as these are heavily in demand and there aren't nearly enough tradesmen to go around?

[Guest eureka]

Your post is that of a pompous twit, Geoffrey. "Thank God I am not as other men" would be a fair translation. Try a few Liberal Arts courses added to whatever it is you are wasting your humanity on.

And of course one can argue with results. It would take only a basic course in any discipline that requires a capacity for thought to know that.

[Riverwind]

I've often thought that since the government recovers far more in taxes from college and university graduates it should move towards free post-secondary education. Then again, that could bring about the law of diminishing returns, where even the garbage man needs at least a college diploma.

Free no questions asked university education is a bad idea. We will end up with the same problem we have in healthcare where the demand always outstrips the supply of money. Germany has a 'waiting list' problem in its universities for exactly this reason (it can take up to 7 years to get a 4 year degree in Germany because the gov't rations the number of available courses to keep the cost down).

[Toro]

Geoffery

You sound like you are a capable, able-bodied, intelligent individual. You may never need government assistance. Unfortunately, due to circumstance or ability, not everyone is in the same position. That's why I have no problem with government assistance programs that help those who truly need it.

But I do not believe that people have a "right" to an income. That's the problem I have with the GAI. I can see supporting handicap people for long periods of time, but not someone who is capable. Government support programs should be more difficult to get the longer one is on the program, or if one continuously uses it. Otherwise, there is no incentive to get off the program and take low-paid entry level jobs to re-enter the workforce.

[August1991]

A better idea than GAI. Complete tax credits for university students that actually are going to contribute to society instead of leech off it.

That's a stunningly surprising comment, coming from a university student.

[newbie]

Geoffrey, you are one of those persons who have take the initiative and I applaud you for it. But please realize there are many whose sitiuation is "not their choice" and don't deserve to be where they're at. I cite the many persons with disability that will never be able to access a university education on gov't grants alone. Just because you are able bodied please don't trood on those who are less fortunate. As far as poverty line, those on AISH or similar funding are well below and many do not have families for support. Again, please try to consider their situations before you tar all with the same brush.

Toro, who do you define as "capable?"

[Toro]

I think that is open to interpretation. I, for one, am capable. And though I may need to use government assistance in the future if I am unemployed, there is no way I should decide that I never want to work again and collect a paycheque from the taxpayers for the rest of my life.