So much for low-paid labour. Readers can draw their own conclusions. What bothers the likes of Eatwell is that America's employment record exposes Europe's statist failures while revealing the superiority of job-creating market forces over political interference. And this brings me to deflation and demand deficiency as the so-called cause of Europe's unemployment. There hasn't been a genuine deflation in Europe for nearly 70 years.
Deflation means an absolute fall in the money supply.
How anyone argue that there has been deflation when these countries have been pumping up their money supplies beats me. Finally we come to the instability of financial markets and deepening financial crises. The likes of Eatwell, that's who. These crises have been caused by the kind of Keynesian and interventionist policies that economists like of Eatwell have been preaching for years. Eatwell, like the good socialist he is, blames the market.