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the new arthurian economics the uses of fake gdp 2 unit labor cost the new arthurian economics challenging the premisses newer posts at econcrit start with the debt problem three views of it and the most important thing here s a longer look at the debt problem here s a short one on economic policy some surprising trends and a few unusual policy recommendations how d we get into this mess read policy venn and policies of the venn overlap still with me read a matter of life and death and for an overview download my 12 page pdf art s vigor page debt accumulation two new versions of an economic model showing how accumulating debt hurts economic growth 1 jerry s stand alone php version 2 my googledocs file mine brings up a preview window click the use this template button to open it introductory post google translate blog archive 2018 31 january 31 2017 274 december 31 november 26 october 21 september 23 august 27 july 21 june 17 may 21 april 13 march 25 february 25 january 24 2016 318 december 26 november 20 october 30 september 27 august 29 july 17 june 30 may 24 april 30 march 30 february 30 january 25 2015 283 december 7 november 11 october 21 september 23 august 26 july 27 june 26 may 30 april 25 march 28 february 27 january 32 2014 374 december 25 november 25 october 26 september 30 august 34 july 35 june 32 may 34 april 33 march 35 february 28 january 37 2013 412 december 33 november 31 october 35 september 32 august 33 july 36 june 31 may 36 april 39 march 40 february 31 january 35 2012 476 december 38 november 35 october 51 september 41 giants eagles unfortunately he was not referring to private debt the conscience of an evolving liberal one of the problem s with expectations no matter what the red line does codecogs fred and policy the fraudulent use of arithmetic the lie federal expenditures current and total wages and benefits were almost keeping up with in fake output symmetry in deception similarities between unit this mathematical deception is guaranteed to make the uses of fake gdp 2 unit labor cost at least he s honest about it velocity and other funny things oh well that s final real output is calculated not measured capacity utilization a new low in high points daniel kuehn versus sumnerica illusion reality and the growth of debt qe3 crossings two ways to look at debt nothing has changed arnold toynbee trials and tribulations judging a book by the dates in its subtitle yield of three percent consols for england a more insignificant thing the quotable kenworthy the components of rgdp cpi on trends shall we wonder why not sure about that it bears repeating what s in bernanke s bag volcker broke it greenspan surfed it bernanke en good question sharing is all the rage august 35 july 39 june 37 may 31 april 38 march 36 february 44 january 51 2011 571 december 44 november 38 october 41 september 53 august 54 july 52 june 50 may 45 april 54 march 46 february 37 january 57 2010 361 december 51 november 43 october 47 september 43 august 35 july 39 june 31 may 9 april 8 march 12 february 23 january 20 2009 79 december 17 november 10 october 14 september 20 august 3 july 7 june 4 april 1 march 1 february 1 january 1 links the 12 pages pdf html scribd money as credit paul krugman john mason gavin kennedy crisis timeline 1 crisis timeline 2 statistical abstracts measuringworth bea economic accounts bls inflation jobs flow of funds debt st louis fed fred money stock 1947 58 economagic usgovernmentspending top tax rates recession dates corp taxes 2006 irs tax data pk sources historicalstatistics org historical charts perot charts mark wieczorek the secret economist econompic john williams sgs crystal bull aquinum s razor flavianopolis william f hummell ecometry the l curve businomics blog on banking crises cybereconomics tim duy like a father to me worthwhile canadian the skeptical optimist nextblog better of thought action the troublesome economist the candid blogger blended purple frozen arctic tundra truth addicts anon jbpeebles mayday books dredd blog dolor s rants the 40 year old freshman thinking on the margin redonomics broad oak unsettling economics irrational expectations theory2life prac spoiler tips vin s read more faq s image host a very nice menu www w3 schools bloogger help image test and t2 blogger sentral html color codes google translate link within a page supreme court jester dave ross 1 dave ross 2 organize your stuff interesting jim kardi teknomo numerical ignorance mental workout g scaled data g normalized data tufte data analysis arthurian website about me contact labels real is a calculation 1 2 3 4 5 6 7 1966 1970s growth 1986 2000 2013 revision 400k smoothing a call for better argument a little r n r accelerated repayment of debt accidental discoveries adjusting debt for inflation artish b is greater than a b h finte behavioral ec best put downs bullard s earthquake c d of wealth calculating labor share civ civilization coinage coping cost and productivity cost push cost push inflation credit efficiency crisis chronicles cycle of civilization debasement debt debt and context debt and inflation debt and recovery debt bulge debt good and bad debt is not credit debt productivity debt to gdp debt to gdp in comments def credit def debt def economic activity def financial cost def gdp def general equilibrium def inflation def inside money def investment def issue and reissue def laffer limit def outside money deflation demand pull inflation disarray dpd echoes economic forces economics v the economy eroc erosion of debt evolution of the excuse expectations factors failure s embrace fallacy of composition fcm fed policy federal spending feedback loops final spending financial cost financialization five words five digit years forget about debt fpi fred free banking era full disclosure fun with the mpc gang8 gds gold shortage gresham s law gross domestic spending growth rate calc growth phase growth historical revisionism hoarding hodrick prescott household debt hover craft how to pay for it humor because you might not know if i didn t say i couldn t sleep iceberg inflation introduction is it ego captain jerry says krugman laffer curve limits long and variable loops malaise matched set fekete math problems medium of account military spending milton friedman mmt money multiplier more debt than money is policy motives moving average new tools of policy non linear not only household debt oil parameters for debt pfi policy predicting recession price controls printing vs spending problem x productivity questions r reading and writing red and green reduction reviews scott sumner sequence 2 serfdom simulacron simulated evidence slack special report spreadsheeting stagflation standard deviation star trek stimulus sumner symmetry in deception taxes taylor rule the difference between debt and credit the economy is transaction the k r shift the long decline the supply side the tint knob they don t know timeline tongue in cheek tot ulc umic unsustainable urgency verdoorn waste fraud abuse withering shoots zoho the new arthurian economics copyright 2010 2018 arthur shipman sunday september 23 2012 the uses of fake gdp 2 unit labor cost i looked at unit labor cost the other day according to yourdictionary com ulc is calculated as total labor costs including benefits divided by real output wikipedia has a problem with that under compensation of employees ce it says the main criticisms made of the accounting concept of ce are that it can make workers incomes look larger than they truly are and that the main components of ce are not separately itemised in the accounts what ce really contains is not made explicit often economists confuse ce with the total wage bill of a country which is false they might use ce to strike a quick wages profits ratio or calculate unit labor costs without realising what they are really doing ce is not equal to gross wages or real disposable income of workers nor strictly speaking total labour costs i dunno the oecd s definition pretty much agrees with yourdictionary com unit labour costs ulc measure the average cost of labour per unit of output and are calculated as the ratio of total labour costs to real output oecd seems not to define total labour cost but does define labour cost labour cost is defined as the total expenditure borne by employers in order to employ workers a concept which has been adopted in the community framework and complies broadly with the international definition of the international conference of labour statisticians geneva 1966 again it seems to agree with yourdictionary com and it seems to be the total labor cost i think i have to dismiss the objections of the wikipedia article now about that calculation add up all the costs you can associate with labor and divide it by gdp oh no that s wrong divide it by real gdp so they take a cost number and an output number make them into a ratio and then reduce the denominator to account for inflation the value of the ratio must therefore be skewed upward on an inflation like path that is a blatant falsification of the facts why bother to divide inflation out of the denominator why not just multiply the ratio by inflation directly you d get the same result the wikipedia article has all sorts of complaints about the calculation but apart from economists confusion the main complaint seems to be that ce can make workers incomes look larger than they truly are sheesh if i try to get a job that pays 10 an hour but the employer has to pay a total of say 25 an hour if they hire me then 25 is the number that determines whether anyone gets hired if you re concerned about employment or unemployment the total labor cost number is the number you have to watch the wikipedia article is pretty bad but it s almost right about one thing something is made to look larger than it really is but it s not total labor cost it is the ulc the unit labor cost that is made to look falsely large but this is not accomplished by counting the costs associated with labor it is accomplished by stripping inflation out of the denominator of the unit labor cost calculation this mathematical deception is guaranteed to make labor costs look as if they are increasing on a path similar to inflation when the deception is not used it is easy to see that unit labor cost is falling and has been falling for half a century posted by the arthurian at 4 00 am labels symmetry in deception no comments post a comment newer post older post home subscribe to post comments atom you can lead a horse to water but you can t make him drink stay thirsty my friends fred graphs federal reserve bank of st louis 2016 all rights reserved all fred graphs appear courtesy of federal reserve bank of st louis http research stlouisfed org fred2 the st louis fed