Thursday, September 23, 2010

Growth of GDP per Hour Worked

New term i come across. Are you pissed off by the constant harping of high gdp in the mass media? I sure do as gdp is not a good indicator as it includes destructive & unhealthy elements.

Now growth of GDP/hr worked is another sensible indicator.

"How often have you read about Eurosclerosis & how those poor Europeans suffer from low growth & high unemployment in their high-tax, inflexible, anti-entrepreneur welfare states? It is true that U.S. GDP has in recent years grown faster than EU GDP, but so has U.S. debt.

Moreover, if you look at growth of GDP per hour worked, Germany, France & America are virtually tied. How come? Americans work a lot more hours. Time with family doesn't count in GDP, but Europeans think it's important."-Clyde Prestowitz

Sound familiar? So many S'poreans work long hours nowadays. Family structure is weak as recently recognised by the minister who overblow the Youth Olympics Games budget. S'pore even has a 'Eat with Family' day since early 2000s to encourage workers to dine with family.

Common sense don't seem common as with this indicator i'm now aware of. Consider it like km/litre of gas you get from a car.

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