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Changing Face of Economic Management

Changing Face of Economic Management
An oil dealer was perplexed the way quantum of jobs creation in USA determined global crude price. A few thousand jobs in USA could translate in billions of dollars in the crude value. Even an increase in Growth number coupled with loss in job numbers would depreciate commodities by 2 to 3%. On the other hand, a decrease in Growth number coupled with gain in job numbers would appreciate commodities by similar percentage points. And this change would happen in flat 5 minutes following release of data. The dealer claimed though he has accustomed his analytical program to this reality, but quipped, "This relationship is unnatural at its best as we don't know how good this job number is?"

It is clear that something has changed inherently as far as perception of economic health is concerned. It appears that the world economy has characteristically moved away from GDP and Growth numbers in real time. "Individual human well being" as quantified by "job" is now a crucial factor in the economic assessment. The new found emphasis on job creation in western world, struggling to balance its act against highly skewed economic distribution is, however, understandable.

The price indicators seesaw of anything and everything post economic upturn testifies this economic criticality of job creation.  It is surprising then why India is not picking up this shift in economic planning particularly when its economic thinking is copied from the Developed countries on daily basis.


Changing Face of Economic Management

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