What's wrong with the French economy, besides the typical tax and spend bureaucrats plunging the nation into bankruptcy and economic ruin?
...[France] has 2.4 times as many companies with 49 employees as with 50. What difference does one employee make? Plenty, according to the French labor code. Once a company has at least 50 employees inside France, management must create three worker councils, introduce profit sharing, and submit restructuring plans to the councils if the company decides to fire workers for economic reasons. France’s economic problems result not from nonexistent “austerity,” but from the government violating the rights of citizens, including their rights to act and do business in accordance with their own judgment. Viscusi and Deen conclude with the understatement of the week: “With 2.9 million people out of work—the worst joblessness in 12 years—France may need to overhaul its rigid labor laws.”
Read the rest here
The Objective Standard
Articles | Website