Title
Functional inefficiency : the unexpected benefits of wasting time and money / Peter S. Wenz.
ISBN
9781633880405 (hardcover)
1633880400 (hardcover)
9781633880412 (electronic book)
Published
Amherst, NY : Prometheus Books, 2015.
Language
English
Description
444 pages ; 24 cm
Call Number
HD5724 .W4176 2015
Dewey Decimal Classification
330
Summary
"How can we reduce unemployment? As this insightful and counterintuitive book shows, the surprising answer is inefficiency. Some of the most labor-intensive sectors of the economy, the author notes, are also the most inefficient. But this inefficiency is functional--rather than impairing the economy, it bolsters employment and fosters economic growth. Technological progress increases efficiency and reduces the need for workers in manufacturing, mining, agriculture, and many services. So how do we keep people working? By maintaining inefficiencies in other areas, such as in our systems of transportation and healthcare. The author documents the waste of time and money in hospital systems, the insurance and pharmaceutical industries, automotive travel, road construction, and road maintenance. These inefficiencies are tolerated because they provide a lot of jobs and promote economic growth, making them functional inefficiencies. Most of these inefficiencies can be reduced without increasing unemployment or impairing economic growth, the author claims, through increased investment in physical and human infrastructure. However, continued inefficiencies inherent in consumerism can't be eradicated without economic decline, making some inefficiency essential as well as functional. Functional Inefficiency offers a wealth of details and a unique analysis of our economic system, plus hope for our future prospects through reduced inefficiency"-- Provided by publisher.
Bibliography, etc. Note
Includes bibliographical references (pages 367-412) and index.
Introduction: How inefficiency can be beneficial
Idling workers I: convicts and women
Manufacturing for international markets
Environmental limits: food and water
Environmental limits: food and warming
Functional inefficiency in transportation
Functional inefficiency in healthcare
Consumerism and individual discontent
Consumerism, competition, and social disaffection
Idling workers II: more vacations and paid leaves, fewer hours, and earlier retirement
Physical infrastructure and public goods
Human infrastructure
The service sector and indefinite economic growth
Summary and conclusions.
