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Should We Classify GDP Recessions and Jobs Recessions Separately?
- bengebre 17y agoIn short: Do we need a modified definition of recession if our current definition doesn't address the nature of recent recessions?
- btilly 17y agoThe 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.
- bengebre 17y agoWhich 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)
- btilly 17y agoThat 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.