Serfdom 67: Old Age Security, Youth Employment and the Folly of the Excluded Variable

As things currently stand, one side in the debate about old age security will be required to play with one hand tied behind their backs. Any suggestion that postponing the retirement age will exacerbate youth unemployment will be imperiously dismissed as a laughable fallacy. The groundwork has already been laid for this predictable "economic" edict in a myriad of think-tank reports and econometric studies, the methodologies of which are as mathematically opaque as the conclusions are foregone.

There is only one problem.

"Man vs. Machine": The Rasbotham Theorem

I am, from the bottom of my heart, a Friend to the Poor. I wish to plead their cause, and to speak in their favour. I feel tenderly for the poor man and his family. And, if my heart does not deceive me, I would do, I would suffer any thing for their welfare. Led by no other principle, but regard to the Poor, I now wish to enter into free and friendly conversation with you, my poor but esteemed friends, on the subject of our machines. And in order to do this to the greatest advantage, I will first lay down some things necessary to clear our way to the point, and then endeavour to answer the question, of the usefulness or injuriousness of machines for shortening labour, particularly in the Cotton Manufacture.