Home Economics The Resolution Foundation Discovers Economics

The Resolution Foundation Discovers Economics

Author

Comments

We could always suppose that it had to happen at some point, that given the Resolution Foundation’s propensity to comment upon the economy that they might, someday, discover the basics of economics. That they’d then manage to misunderstand would also have been a reasonable conjecture.

And so it has come to pass:

Almost a third of Britain’s lowest-paid workers have lost their job or been furloughed in the past two months as those earning least bore the brunt of Britain’s Covid-19 economic shutdown, a thinktank has said.

The Resolution Foundation said 30% of those in the lowest income bracket had been affected by the damage caused to the labour market by the pandemic, compared with only 10% of those in the top fifth of earners.

Low paid workers are those who, by definition, add little value. Highly paid workers are those who, by definition, add more value. So, the economy shrinks and less value is being added. Who is most likely to slip over that boundary between adding enough value to keep a job and adding too little value to do so?

Well, it’s likely to be those already adding little value as evinced by their being paid little to start with, isn’t it?

Still, we can at least celebrate that the Resolution Foundation has now met economics even if it’s still failing to understand it.

SUPPORT US WITH A SUBSCRIPTION?

LEAVE A REPLY

Please enter your comment!
Please enter your name here

expunct

in British English
expunct (ɪkˈspʌŋkt)
VERB (transitive)
1. to delete or erase; blot out; obliterate
2. to wipe out or destroy

Support Us

Recent posts

The Racial Burden Of Student Debt

We had this argument a few years back in the UK, didn't we? Non-gammons seemed to have more student debt because gammons were more...

Insanely Ignorant People – American Prospect Edition

There are times when it's difficult to believe the plain, simple, ignorance of people attempting to comment upon the passing scene. Today's example is...

European Union Announces That EU Banks Don’t All Have To Go Bust Because Brexit

This story is being reported entirely the wrong way around. For we're being told that we should all be really grateful to that lovely...

Dear Guardian – Finding Uranium Is The Easy Bit

The Guardian is all of a fluster because some Chinese companies have been looking for uranium in Saudi Arabia. This is obviously the precursor...

Working From Home – A Briefing Note For Journalists

Hard as this will be for many British journalists to cope with - and impossible for American given that they all only studied journalism...

Recent comments