SOCIAL UNREST FOR BEGINNERS: A LETTER TO THE ECONOMIST (October 26, 2011)
Nowadays, austerity is often blamed for social unrest because it creates social division. But you cite an entire gaggle of economists of renown who argue that unrest has deeper roots than austerity, which is just a component of the wider picture (“Unrest in Peace,” October 22, 2011). In particular, they point at inequality as an engine of unrest. The Occupy Wall Street slogan, “We are the Ninety-Nine Percent,” is the case in point. Surprisingly, you do not cite a single economist who has looked at unemployment in this context. Youth unemployment, and especially that of young males, is undoubtedly one of the key causes of social unrest. In olden times, kings did not need economists to see the connection, though. Young men were cooped up in army barracks even when there were no wars. They repaired roads and built bridges, too. Sooner or later, the economists will surely stumble upon this one, though. With all the data at their disposal, as well as ever-mightier computers, they simply must.