Should We Classify GDP Recessions and Jobs Recessions Separately?

http://www.deptofnumbers.com/blog/2010/03/gdp-and-jobs-recessions/

by bengebre • 16 years ago

2 4 16 years ago

bengebre2• 16 years ago

In short: Do we need a modified definition of recession if our current definition doesn't address the nature of recent recessions?

btilly2• 16 years ago

The job numbers can readily be understood as the combination of GDP with an accelerating long-term trend towards concentrating economic production in a small portion of the population, and wealth in an even smaller portion. When you combine trends the job numbers are going to look significantly worse than GDP.

bengebre2• 16 years ago

Which is similar to saying an increase in labor productivity with the spoils going to businesses that deploy labor saving technology more so than wage earning employees. (if I interpret you correctly)

btilly2• 16 years ago

That is one of several factors at work. Others include changing rapidly norms about what top management can pay themselves, and a shift towards keeping intellectual work here while moving grunt labor offshore.

Should We Classify GDP Recessions and Jobs Recessions Separately?

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