Should we include the financial sector? Here is Daniel Gross on this debate:
In principle, economists say, the figure that represents the
broadest possible swath of the economy is preferable. That would seem
to weigh in favor of the more pessimistic nonfarm business number. But
there may be good reasons for giving careful weight to the measure of
productivity that excludes the financial world. In some ways, it may be
more accurate.After all, it’s much easier to calculate
productivity for companies that produce widgets than it is for
companies that produce less tangible goods like insurance policies.
While the productivity of a factory worker doesn’t vary radically from
month to month, the productivity of a hedge fund manager can swing
wildly from week to week.What’s more, it strikes some
economists as strange that including the dynamic financial sector would
somehow make the economy seem less productive. "If you see productivity
being dragged down by the inclusion of the financial sector, you have
to be a little suspicious," said David Altig, vice president and
associate director for research at the Federal Reserve Bank of
Cleveland. (Mr. Altig speaks for himself, not for the Fed.)
Read Brad DeLong for commentary.
The bottom line: Productivity is doing better than we had thought. The second bottom line is that the first bottom line could be wrong and productivity might be doing worse than we had thought. The best guess, however, is that we are mismeasuring productivity in the financial sector. Keep in mind, the rate of productivity growth is the critical variable for whether we will survive the coming Medicare fiscal train wreck, without entering the realm of perpetual economic stagnation and draconian tax rates.
Another possibility is that we are seeing the effects of partisan data fudging at the BLS in the runup to the 2006 election…
With the “war” going badly the economy has to look good for the Republicans.
“approaching fiscal train wreck” … “perpetual economic stagnation and draconian taxes” wow!
Is it now time to start making bigger waves around leveraged choices on the cost side as well? ….such as Professor Tabarrok’s suggestions that with FDA reforms, better and cheaper drugs could be available much sooner? Professor Lautenberg says a dollar in new drugs tends to save more than $5 in other costs and that is pretty good leverage. He also says 40% of the recent gains in lifespan are due to the new drugs that we got….that we got even without Prof T’s FDA reforms.
Revenue per employee for an individual company
is an important variable, but it is a very different
measure then productivity because of double counting.
Interestingly, average hourly earnings in finance has
been growing much faster then total averge hourly
earnings for over 20 years — suggesting financial
sector productivity is higher. And this is also
supported by other data — for example, employment in
commercial banking is still lower then it was in 1980.
If the massive consolidation of the banking system
we have been undergoing for a couple of decades is
not improving financial swystem productivity something is wrong.
In boston in the mid-1970s there were something between
20 to 30 bank economists. Now there are 2 or 3.
how about using econometric or mathematical programming methods to measure productivity in financial sector?
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more gonzo –
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my friends hot mom –
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my sex tour –
my sisters hot friend –
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neighbor affair –
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her first lesbian sex –
his first facial –
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his first huge cock –
hot campus teens –
housewife 1on1 –
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huge boobs galore –
insane cock brothas –
just facials –
latin adultery –
little april –
little summer –
met art -
wild fuck toys –
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all internal –
american daydreams –
asian 1on1 –
asian parade –
ass masterpiece –
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backseat bangers –
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bookworm bitches –
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college fuckfest –
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first time swallows –
ftv girls –
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gay blind date sex –
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her first anal sex –
her first big cock –
her first dp –
her first lesbian sex –
his first facial –
his first gay sex –
his first huge cock –
hot campus teens –
housewife 1on1 –
housewife bangers –
huge boobs galore –
insane cock brothas –
just facials –
latin adultery –
little april –
little summer –
met art –
milf seeker –
milton twins –
more gonzo –
my first sex teacher –
my friends hot mom –
my naughty latin maid –
my sex tour –
my sisters hot friend –
naughty allie –
naughty america vip –
naughty bookworms –
naughty drive thru –
naughty julie –
naughty office –
neighbor affair –
orgy sex parties –
porn stud search –
prime cups –
rectal rooter –
seduced by a cougar –
she got pimped –
simpson twins –
so cal coeds –
sperm swap –
squirt hunter –
tamed teens –
teen brazil –
teens for cash –
teen topanga –
texas twins –
trixie teen –
twinks for cash –
virgin teen lesbians –
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all internal –
american daydreams –
asian 1on1 –
asian parade –
ass masterpiece –
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backseat bangers –
bang boat –
black cocks white sluts –
boob exam scam –
bookworm bitches –
border bangers –
bubble butts galore –
college fuckfest –
college wild parties –
couples seduce teens –
diary of a milf –
dirty latina maids –
fast times at nau –
first time swallows –
ftv girls –
gangbang squad –
gay blind date sex –
gay college sex parties –
give me pink –
her first anal sex –
her first big cock –
her first dp –
her first lesbian sex –
his first facial –
his first gay sex –
his first huge cock –
hot campus teens –
housewife 1on1 –
housewife bangers –
huge boobs galore –
insane cock brothas –
just facials –
latin adultery –
little april –
little summer –
met art –
milf seeker –
milton twins –
more gonzo –
my first sex teacher –
my friends hot mom –
my naughty latin maid –
my sex tour –
my sisters hot friend –
naughty allie –
naughty america vip –
naughty bookworms –
naughty drive thru –
naughty julie –
naughty office –
neighbor affair –
orgy sex parties –
porn stud search –
prime cups –
rectal rooter –
seduced by a cougar –
she got pimped –
simpson twins –
so cal coeds –
sperm swap –
squirt hunter –
tamed teens –
teen brazil –
teens for cash –
teen topanga –
texas twins –
trixie teen –
twinks for cash –
virgin teen lesbians –
wild fuck toys –
twinks for cash –
all internal –
american daydreams –
asian 1on1 –
asian parade –
ass masterpiece –
ass traffic –
backseat bangers –
bang boat –
black cocks white sluts –
boob exam scam –
bookworm bitches –
border bangers –
bubble butts galore –
college fuckfest –
college wild parties –
couples seduce teens –
diary of a milf –
dirty latina maids –
fast times at nau –
first time swallows –
ftv girls –
gangbang squad –
gay blind date sex –
gay college sex parties –
give me pink –
her first anal sex –
her first big cock –
her first dp –
her first lesbian sex –
his first facial –
his first gay sex –
his first huge cock –
hot campus teens –
housewife 1on1 –
housewife bangers –
huge boobs galore –
insane cock brothas –
just facials –
latin adultery –
little april –
little summer –
met art –
milf seeker –
milton twins –
more gonzo –
my first sex teacher –
my friends hot mom –
my naughty latin maid –
my sex tour –
my sisters hot friend –
naughty allie –
naughty america vip –
naughty bookworms –
naughty drive thru –
naughty julie –
naughty office –
neighbor affair –
orgy sex parties –
porn stud search –
prime cups –
rectal rooter –
seduced by a cougar –
she got pimped –
simpson twins –
so cal coeds –
sperm swap –
squirt hunter –
tamed teens –
teen brazil –
teens for cash –
teen topanga –
texas twins –
trixie teen –
twinks for cash –
virgin teen lesbians –
wild fuck toys –
wild fuck toys –
all internal –
american daydreams –
asian 1on1 –
asian parade –
ass masterpiece –
ass traffic –
backseat bangers –
bang boat –
black cocks white sluts –
boob exam scam –
bookworm bitches –
border bangers –
bubble butts galore –
college fuckfest –
college wild parties –
couples seduce teens –
diary of a milf –
dirty latina maids –
fast times at nau –
first time swallows –
ftv girls –
gangbang squad –
gay blind date sex –
gay college sex parties –
give me pink –
her first anal sex –
her first big cock –
her first dp –
her first lesbian sex –
his first facial –
his first gay sex –
his first huge cock –
hot campus teens –
housewife 1on1 –
housewife bangers –
huge boobs galore –
insane cock brothas –
just facials –
latin adultery –
little april –
little summer –
met art –
milf seeker –
milton twins –
more gonzo –
my first sex teacher –
my friends hot mom –
my naughty latin maid –
my sex tour –
my sisters hot friend –
naughty allie –
naughty america vip –
naughty bookworms –
naughty drive thru –
naughty julie –
naughty office –
neighbor affair –
orgy sex parties –
porn stud search –
prime cups –
rectal rooter –
seduced by a cougar –
she got pimped –
simpson twins –
so cal coeds –
sperm swap –
squirt hunter –
tamed teens –
teen brazil –
teens for cash –
teen topanga –
texas twins –
trixie teen –
twinks for cash –
virgin teen lesbians –
wild fuck toys –
asian parade –
all internal –
american daydreams –
asian 1on1 –
asian parade –
ass masterpiece –
ass traffic –
backseat bangers –
bang boat –
black cocks white sluts –
boob exam scam –
bookworm bitches –
border bangers –
bubble butts galore –
college fuckfest –
college wild parties –
couples seduce teens –
diary of a milf –
dirty latina maids –
fast times at nau –
first time swallows –
ftv girls –
gangbang squad –
gay blind date sex –
gay college sex parties –
give me pink –
her first anal sex –
her first big cock –
her first dp –
her first lesbian sex –
his first facial –
his first gay sex –
his first huge cock –
hot campus teens –
housewife 1on1 –
housewife bangers –
huge boobs galore –
insane cock brothas –
just facials –
latin adultery –
little april –
little summer –
met art –
milf seeker –
milton twins –
more gonzo –
my first sex teacher –
my friends hot mom –
my naughty latin maid –
my sex tour –
my sisters hot friend –
naughty allie –
naughty america vip –
naughty bookworms –
naughty drive thru –
naughty julie –
naughty office –
neighbor affair –
orgy sex parties –
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