Muy interesante . . .
CNN.com is reporting that Cuba is allowing more private businesses to exist, making it easier for those businesses to hire workers, and attempting to get rid of up to one million redundant state jobs:
The measures "constitute a structural and conceptual change in the interest of preserving and developing our social system to make it sustainable in the future," [Cuban President Raul] Castro said.
The decision was part of a series of measures approved by the Council of Ministers to reduce "the considerably inflated payroll in the state sector," he added.
What's fascinating about the 1 million redundant public jobs is that the entire country only has 5.1 million state jobs.
I never thought I'd say something like this but any chance we could follow Cuba's lead?
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May '10
Re: Muy interesante . . .
It's impossible to determine a fair price or wage in the absence of a market. This results is inefficiencies and wasted resources, if not outright shortages.