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How many jobs created per 1% of GDP?
HAMISH_MCTAVISH
Posts: 28,592 Forumite
Have seen various figures quoted, usually 200,000 to 400,000 by media pundits, but does anyone have a source for a good estimate?
“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”
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Comments
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jobs create GDP growth, really, rather than the other way round.
probably best to use a an ultra-simple rule of thumb... there are around 30m jobs now, so it'd take another 300k to increase GDP by 1%.FACT.0 -
Output creates GDP not jobs.
Productivity levels have fallen over recent years.
BTL being a classic example of non job creation. Yet boots economic activity. With the money released being circulated around the economy.0 -
Why would you want to use an outdated, discredited, totally meaningless measure of ecomonic activity?
It's not going to tell you anything.0 -
HAMISH_MCTAVISH wrote: »Have seen various figures quoted, usually 200,000 to 400,000 by media pundits, but does anyone have a source for a good estimate?
Take current employment levels and divide by 100...?
That doesn't cover increments of course.0 -
Take current employment levels and divide by 100...?
That doesn't cover increments of course.
Quite.
Surprised if it would be as linear as that, given the changes to productivity over time, and differing labour intensity of different sectors of the economy which are more or less likely to grow post-recession.
Hence the question.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Right-wing wisdom has it that if you put the public sector out of work you get the economy moving."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0
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If I understand the question properly.
It's clear true that GDP can and does increase without any increase in jobs.
Basically, increases in productivity; new inventions etc can increase total production without increasing jobs.
It's also obviously so that production can increase and jobs actually afall.
During the current recession we have seen GDP fall without large reduction in manpower (i.e. a fall in productivity).
So, any relationship must be at the micro economic level rather a broad brush rule of thumb and the correlation can be negative or positive.0 -
Right-wing wisdom has it that if you put the public sector out of work you get the economy moving.
Well yes.
But that's because right wing wisdom is spouted by a bunch of blithering idiots.
Of course, left wing wisdom has it that the private sector can thrive and prosper when being economically strangled by a bloated public sector. Which is equally untrue.
The truth, as always, lies somewhere in between those two extremes.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
During the current recession we have seen GDP fall without large reduction in manpower (i.e. a fall in productivity).
QUOTE]
Full time jobs being replaced by part time jobs and zero hour contracts. Employment appears to be stable or even increase for flat/decreasing GDP."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0
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