13 July 2012

Follow-up to a Pair of Uncommon Commentaries

In Uncommon Commentary #229, I posited the need for a new way to measure unemployment, and proposed that whoever should provide such a statistic—since in a later uncommon commentary, #250, I recommended privatizing the pertinent survey; although I didn't mention this there, I'm sure that we could have outside sources perform all the other functions of the Department of Labor, which could thus be abolished—make periodic reports on joblesness in the entire potential workforce rather than just among persons actively seeking work within the past month.  Since that writing, I've learned that "for a truly neutral metric, economists look at the ratio of total employment to total population, known as E-Pop".  As I mentioned in that same Uncommon Commentary #229, annotations would need to be made concerning mitigating factors, but using the "E-Pop" figure still seems satisfactory (except in one respect: the inane name).