Realist, not conformist analysis of the latest financial, business and political news

If Only The Guardian Employed An Economist – Instead Of Richard Partington

Richard Partington is the economics correspondent for The Guardian. True, he’s a step up from that bird who ended up at Mashable, but still.

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]Richard Partington is the Guardian’s economics correspondent.[/perfectpullquote]

No one who groks economics is going to write something as silly as this:

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]But some people have benefited more from growth than others, despite global gross domestic product (GDP) growing by more than 5,000% since the 1960s.[/perfectpullquote]

Which tells us something about well Our Dickie groks economics.

We can see what he’s done. He’s gone and looked up global GDP at the two dates. Like, say, the World Bank numbers.

$1.4 trillion to $81 trillion, about 58 times, sure, 5,000%, close enough for jazz.

Not close enough for economics, obviously enough. For no economist is going to use nominal numbers over a period spanning decades. We would – not because we’re economists but because we’re rational – insist upon using real numbers as would economists. Which gives us this rather different chart.

$11 trillion to $80 trillion (note that it’s 2010 dollars, so it’s not the same as the total in 2019 dollars as above) and that’s rather more like 800% growth, perhaps 700% if we’re to be good enough for jazz again.

Yeah, yeah, trivial pendantry, sure enough. Except it isn’t. It’s revealing an ignorance of the basic subjects under discussion.

But then if the Guardian’s economics correspondent knew his economics he wouldn’t be at The Guardian would he? Nor would The Guardian be what The Guardian is….

0 0 votes
Article Rating
Notify of
Newest Most Voted
Inline Feedbacks
View all comments
Nigel Sedgwick
1 year ago

Have I missed something? Like per capita (as well as inflation indexed) GDP?

Best regards

Leo Savantt
Leo Savantt
1 year ago

Bit harsh, he was only roughly 625% out, which for The Guardian is spot on.

Matt Ryan
Matt Ryan
1 year ago
Reply to  Leo Savantt

Let’s hope the Scott Trust Limited funds run out 625% faster than forecast.

Would love your thoughts, please comment.x