…as unemployment has skyrocketed in the U.S., we’ve overtaken the French in GDP per hour worked. We’re also ahead of Norway, an oil-and-gas-rich country that has a higher level of GDP per capita (PPP) than we do.
That is from Reihan, the link is here.
Interesting, I guess, but what does this actually mean? International comparisons are necessarily quite approximate, because of currency differences. Also, wouldn’t we expect average productivity to rise during periods of high unemployment? Given declining marginal productivity, lower employment means less decline, I think.
I also wonder what Salam is talking about when he refers to the time the French spend on housework. Is there some reason to think they spend more time on that than Americans do?
So, if we reduce the denominator (employment hours) some more, we’ll really be a rich country.
Any volunteers to become unemployed in order to improve our GDP/person employed (hours worked) ratio?
Didn’t krugman say that if austrian business cycle theory was true, we should see productivity increase during recessions?
Iirc, he used that as evidence against ABCT… but it seems thats exactly what is happening.
Against the US incarceration rate, many European countries have lower retirement ages, and more easily qualified-for disability benefits, so they have their ways of “hiding” the unemployed too.
Comparing ourselves with others makes us pathetic and it is an act of excusing ourselves and like saying be contented of what we have now. What a lame excuse for the government comparing our situation with other nations.
Joan,
Perhaps the Soviets wouldn’t have been very deterred by armies in hammocks.
“So, if we reduce the denominator (employment hours) some more, we’ll really be a rich country.”
That’s not the point or the argument, Bill, and if your partisan blinders weren’t so thick you’d be embarrassed you’re pretending otherwise.
Comments on this entry are closed.