European Tribune - Comments - FT: Is GDP the wrong indicator?

FT: Is GDP the wrong indicator? | 15 comments (15 topical, 0 editorial, 0 hidden)

It certainly is not in the United States ... (none / 1)

... abandoning full employment as a policy goal is a big part of what was Revolutionary about the Reagan Revolution. It went from being mostly lip service under Nixon, Ford and Carter to being actively undermined by monetary policy increasing interest rates in response to the threat of getting near full employment.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Wed Jan 28th, 2009 at 10:42:20 AM EST
[ Parent ]

Re: It certainly is not in the United States ... (none / 0)

What I meant was that setting up a measure of employment, whether or not you want it to be full, is already accepting the current notion of employment and its organization - which the Reaganites did, like all the others that "matter".

Un roi sans divertissement est un homme plein de misères

by linca (antonin POINT lucas AROBASE gmail.com) on Wed Jan 28th, 2009 at 10:56:43 AM EST
[ Parent ]

Re: It certainly is not in the United States ... (4.00 / 2)

Yes, we can only measure employment under our current labor institutions. Even there, in the US, we have six different measures of unemployment, because it would be stupid to pretend that you can keep track of national unemployment with a single number ... and still, the mess media only reports U3.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Wed Jan 28th, 2009 at 11:01:47 AM EST
[ Parent ]

FT: Is GDP the wrong indicator? | 15 comments (15 topical, 0 editorial, 0 hidden)

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