The Unassuming Economist

The ultimate measure of economic success is not whether the stock or bond markets go up … but rather whether a society can provide decent jobs for its citizens, writes Jack Ewing in the NYT (the global edition of the New York Times).

He concludes: Mr. Loungani worries about the corrosive effects of unemployment on people and societies. “I know from my own experience the loss of confidence in your own skills that comes with the 200th job rejection letter,” he said. “That’s why it’s so important to get people back soon. You risk making a cyclical problem into a structural problem.”

Read the full article here.