

Should We Classify GDP Recessions and Jobs Recessions Separately? - bengebre
http://www.deptofnumbers.com/blog/2010/03/gdp-and-jobs-recessions/

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btilly
The 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.

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bengebre
Which 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)

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btilly
That 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.

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bengebre
In short: Do we need a modified definition of recession if our current
definition doesn't address the nature of recent recessions?

