As an economist let me assure you
I am very careful indeed to point out that as a holder of a similar degree to Ritchie (accounting with economics and or finance) I am not an economist. He claims to be so.
To suggest that the driver of the train who brought me up the East Coast route yesterday did not a couple of weeks ago add value to the UK economy but that he or she now does so simply because they’re now working for Richard Branson is, to be candid, not just economically absurd, but patronising and rude.
Ignorant twat. The way that GDP accounting works is that that train driver, while a state employee, will have his added value to GDP determined as being equal to the wages that he is paid. When he is a private sector employee his value added will be measured as the value he has added.
To think otherwise is economically absurd. You twat.
And third, it confirms what the pre-eminent US economist of the 20th century, John Kenneth Galbraith,
Great writer, no doubt about it. But great economist? Better than Samuelson, Krugman, Friedman? Sirsly?
But I tell you, I can name many more directors of some very large banks that were most definitely unfit for the tasks they were given. Let’s start with Fred Goodwin and move swiftly on to Lord Stephen Green of HSBC whose reward for his incompetence was to become a government trade Minister with a life peerage.
And Lord Glassman was such a good idea. But that’s what is being aimed for.