Wednesday, June 22, 2005

Long Term Contracts

I've repeatedly made the point that it's ridiculous to imagine that any sort of long term (near lifetime) contracts can be guaranteed to be enforced and honored. I consider this to be a bug. Apparently The Economist is puzzled that anyone would expect companies to honor their contractual obligations to workers, and think it's a feature.

I hope the publishers of the Economist have taken a long hard look at "Buttonwood's" contractual pension benefits, if there are any, and decided to cancel them.

(via DeLong)