On Jul 31, 2013, at 12:46 PM, Jim Devine <[email protected]> wrote:
> the two are linked, by Okun's "law." If the market economy (as > measured using the old GDP) grows fast enough in real terms to cancel > out the normal increase in unemployment due to labor force growth and > labor productivity increases, the official (U3) unemployment rate > falls. If it grows slowly or falls, U3 rises. The relationship is noisy and changes over time. Raghu's point is a good one. GDP is useful but what matter more are income and the material benefits it buys. Doug _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
