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Click to enlarge.
Since those policies (2004) apparently didn't work long-term, Gregory Mankiw would now like to try a long-term currency crisis (2009) solution. He's an ivory tower "star" of economics. No doubt about it.
Be sure to check out that first link. Here's something to whet your appetite.
The jobs data left economists struggling to reconcile the nation's strong economic growth with faltering employment.
Update:
The following chart shows nonfarm employees per capita since January of 2004.
Click to enlarge.
I'm fairly confident (in a sarcastic way) that a currency crisis would get us right back on track.
This post inspired by Troy from the comments of the last post.
See Also:
The Physics of Job Losses
Source Data:
St. Louis Fed: Information Services Employees per Capita
8 comments:
From the "star" link...
That leaves an interesting puzzle for others to tackle. If stars can exist with wormholes at their centre, we'd obviously like to know what they look like so we can see whether there are any nearby. Time to get calculating.
This could be what one looks like! ;)
The next labor sector that is entering the rapid offshoring phase is accounting and financial planning. I've seen outsourcing job ads for senior financial analysts located in Jamaica.
:(
I liked the central thesis of
Apple vs. Samsung: Why the U.S. Is Facing Extinction. The concept is that since in China any product is easily and quickly copied; with weak IP protection, foreign companies are unlikely to develop profitable operations in China.
Scott,
"As human beings are also animals, to manage one million animals gives me a headache." - Terry Gou, CEO of Foxconn
What more is there to say? Sigh.
And PAYEMS isn't really employees, it's jobs.
I don't know how we're going to fix things, but I do know that if & when we do, that new reality isn't going to look much like the current reality.
And PAYEMS isn't really employees, it's jobs.
I don't know how we're going to fix things, but I do know that if & when we do, that new reality isn't going to look much like the current reality.
Troy,
As we've discussed previously (and for the benefit of others), one person can be the employee at one company and an employee at another company. That's one person with two jobs. So yeah, technically it is jobs we're talking about.
I don't know how we're going to fix things...
I don't know either. That's what makes me a permabear. There are certainly a lot of people (mostly in ivory towers) who think they can fix things. I've yet to see a solution that didn't have serious unintended consequences though. Sigh.
I would also add that the powers that be don't really have a vested interest in fixing things. Can kicking and duct tape can be far more profitable. Sigh.
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