Jobs and the State of the Economy May 12, 2014
It has become fashionable to discuss the state of the economy (or, sometimes, the market) in terms of jobs. Judging from the many talking heads on television and elsewhere, we can infer that the economy is doing well if more jobs are created - and vice versa. This may seem "obvious" to some, but it is in fact very curious. Looking at the economy both at the level of the individual actor or firm and as a whole, what we see is a dynamic process where productivity is the alpha and omega of business. Indeed, what firm would choose to...
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