Christopher X J. Jensen
Associate Professor, Pratt Institute

Would a “labor economy” lead to different outcomes than the “capital economy”?

Posted 11 Jan 2016 / 0

EvonomicsA Simple Way to Decrease Income Inequality

I am intrigued by the idea that measurements of economic success impact our economic decisions and therefore our economic outcomes. A persistent obsession with capital has created an economic system that responds to capital. But what if employment condition — “labor” — was the fundamental unit of economic assessment? Would that change the nature of our policies?

We do measure unemployment, so it is not as though employment conditions are not an important economic measure that sways public policy. But by and large, we only know how to improve employment rates by boosting our production of capital. A switch in priorities, one that elevation employment conditions over profit creation, might change the way we measure our economy as successful.

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