Posted by: John | January 28, 2009

What does `overall` mean?

Stephen Timms, Labour minister, has said that overall the economy has improved since Labour came to power. When will the gains be wiped out?

And it’s improved for whom?

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Responses

  1. The joy of economics – you can always find some measure that shows the economy’s improved no matter how bad things get. House prices are still way up on ’97, share prices are slightly up, the GDP is probably up too.

    Translating those abstract, averaged, figures into people’s real lives is trickier.

    Plus, of course, the Government is very keen to put the blame for the recession on worldwide events outside their control, but curiously less willing to accept that the same may be true for the economic growth.


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