Post-Labor Economics Lecture 03 - That which gets measured gets managed! (2025 update)
AI Summary
In this lecture on post-labor economics, the instructor discusses the importance of measurements and key performance indicators (KPIs) in understanding and managing economies. He emphasizes the need for new KPIs that focus on demand resilience rather than just production metrics like GDP and unemployment. The Economic Agency Index (EAI) is introduced, which gauges household buying power based on ownership rather than wages alone. The lecture outlines how traditional metrics can mask the true state of the economy, especially in the face of automation and changing job markets. The EAI aims to provide a more nuanced view of economic health, allowing for better policymaking at local levels. Overall, the lecture highlights the necessity of measuring ownership-based demand to better manage economic challenges in a rapidly evolving landscape.