Culling the Human Herd in the 21st Century
There is a de facto redefinition of “the economy” when sharp contractions are gradually lost to standard measures. The unemployed who lose everything…easily fall off the edge of what is defined as “the economy” and counted as such. So do small shop and factory owners who lose everything and commit suicide. And so do the growing number of well-educated students and professionals who leave…all together. These trends redefine the space of the economy. They make it smaller and expel a good share of the unemployed and poor from standard measures.
