tag:blogger.com,1999:blog-2546602206734889307.post8059421394959317852..comments2024-03-19T08:41:43.759+00:00Comments on mainly macro: Why it’s your bloody GDP, not oursMainly Macrohttp://www.blogger.com/profile/09984575852247982901noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-2546602206734889307.post-77804855132779125342017-03-09T18:35:21.188+00:002017-03-09T18:35:21.188+00:00You equate GDP with “wages,” which I don't und...You equate GDP with “wages,” which I don't understand: income distribution is no less important a part of this story, and much of the growth in personal income has been from investments that are generally not part of the story for either immigrants or the bottom 3/4 of the income distribution. NOT wages.<br /><br />Sure, there are problems with median household income, too. But they probably highlight the UK's shocking situation more dramatically, and change the tenor of the debate to how the country has structured its economy so that only* the very wealthiest have particularly benefitted over the past couple of decades.<br /><br />* (This is pretty much the US story…I'd be happy to see UK-specific stats.)WaltFrenchhttps://www.blogger.com/profile/03796601244294381938noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-2259150594939763152017-03-08T13:38:39.635+00:002017-03-08T13:38:39.635+00:00If you do the figures with net national disposable...If you do the figures with net national disposable income median per capita, rather than GDP per capita, it's simply terrifying<br />Hugo Evanshttps://www.blogger.com/profile/12705056750207255618noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-6653240545380190572017-03-08T08:47:30.132+00:002017-03-08T08:47:30.132+00:00So the UK's GDP is increasing but wages are de...So the UK's GDP is increasing but wages are decreasing. Not only is inequality is increasing, the UK is now unique in the developed world in that it is fast-tracking it. Isn't this the path to feudalism? There must come a time, if this trend continues, when all the wealth is owned by the top 1% and the serfs have next to nothing.<br />Obviously the only way to stop this happening is decrease inequality. But what force, if any, prevents inequality increasing? <br />Soldiers seem to come back from wars determined to decrease inequality--"a country fit for heroes" after the First World War; the Labour landslide after the Second World War---and yet inequality quickly re-established itself. <br />Labour stuttered into power in the early 1920's but were quickly removed after the infamous "Zinoviev letter" general election. After the Second World War Labour were removed after six years in power. In the 19th century, did the soldiers returning to Britain from the Crimean War or the Napoleonic Wars also want more equality, only to have it taken away once the dust of war had settled ?<br />Is there any way in which inequality can be reduced without having a war?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-51565989334869304542017-03-07T09:49:05.180+00:002017-03-07T09:49:05.180+00:00Wow that wages diagram really tells a story. A ver...Wow that wages diagram really tells a story. A very big terms of trade effect (too often ignored).reasonhttps://www.blogger.com/profile/06594313655855683716noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-18768398630745765502017-03-06T23:20:34.567+00:002017-03-06T23:20:34.567+00:00You confuse me, shouldn't the depreciation in ...You confuse me, shouldn't the depreciation in sterling, which leads to higher reported earnings in exporting companies, have a dissimilar effect to the depreciation and vat cuts between 2008 and 2011. Are you saying that we have not yet recovered from the 2008 crash? That would make sense to me because it would appear that you are being consistent rather than intentionally beating a party-political message Graemehttps://www.blogger.com/profile/11007306140530173428noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-72255882090434289632017-03-06T18:22:55.171+00:002017-03-06T18:22:55.171+00:00If you want disconnect of reported GDP just rememb...If you want disconnect of reported GDP just remember the Irish GDP last year of 26%. Just how does the calulation of GDP havs any relevence to the real worldBen Oldfieldnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-30309341304486286412017-03-06T13:51:40.822+00:002017-03-06T13:51:40.822+00:00In explaining the fact that many [most?] people do...In explaining the fact that many [most?] people do not feel better-off despite GDP growth, it would be interesting to compare GDP with median real earnings rather than average real earnings. I assume that "average" in the ONS figures used here refers, as usual, to mean rather than median.<br /> <br />In the US there has been discussion about how far the growth in income has been confined primarily to the top 1%. It would be relevant to see if this also applies to the UK. Using median rather than mean earnings would more appropraite in this case. (I haven't done this for myself, as now that I am retired I no longer have full versions of Excel and find it more difficult to download ONS data, calculate and graph it.) <br /><br />AlmarAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-49854894511502337792017-03-06T11:29:49.036+00:002017-03-06T11:29:49.036+00:00How can someone assigned to economic repporting mi...How can someone assigned to economic repporting miss that easy, simple picture? Those people have college degrees and often find information about very shady ties that people try hard to burry... At some point you got to wonder if it's plain idiocy or if they do it on purpose.Stéphanenoreply@blogger.com