Brexit and the waning days of the United Kingdom

[The Minsky Moment]

Yeah - I think to Valmy's point there is a need to be a little cautious on this type of thing as I think this is part of the general "Europoor" narrative that the right (and particularly techbro boosters) in the US seem very interested in.

I've talked about this before, but there are several factors going on all of which tend to bias the US GDP numbers upwards compared to Europe.  One is that US workers tend to work more hours.  Another significant one is that if one measures GDP over time in constant prices (PPP), there are estimation errors that appear to be getting worse and in particular appear to exaggerate US output going forward in time compared to Europe and minimize it going backward. This leads to weird anomalies like measuring the EU economy as far larger in than the US in the 1990s, including a measured productivity of Italian workers 20% than that of US workers in 1990.   https://sethackerman.substack.com/p/europes-productivity-keeps-outpacing.   Alternative measures of GDP that don't contain these errors basically show the US and the EU moving in lockstep over time, with the EU only very slightly behind.

That said, the techbro perception is correct in the sense that compared to the US, European VC and private equity executives, captains of technology companies, and the professional functionaries that serve them can expect to see far less remuneration, even before taking account high levels of tax.   When seen at the level of ordinary workers, however, things look very different. For the 24 million American workers (and families) that purchase health insurance through ACA exchanges, their top line wages may look pretty decent compared to EU workers, but they face truly punishing levels of premium.

It is true. If the UK was a state it would have the lowest GDP per capita.

If the UK were a state, it would be fully integrated into the US economy and look quite different.  It would *not* have the lowest GDP.  It might look something like Illinois - similar urbanization levels, strong financial sector combined with "rust belt" industrial legacy - and Illinois is in the top quintile of US states.

[HVC]

Your lack of patriotism has been noted by the appropriate authorities.

[Josquius]

If the UK was part of the US I imagine our stock market would be similarly inflated thus we would show as quite wealthy.

[Razgovory]

Seem to have quite a bit of instability for a country that is doing so well.  Six Prime ministers in 10 years?  Something is making people unhappy.  Has the British economy been a bright spot for the last decade?

[Valmy]

Seem to have quite a bit of instability for a country that is doing so well.  Six Prime ministers in 10 years?  Something is making people unhappy.  Has the British economy been a bright spot for the last decade?

You read this entire thread and came to the conclusion the economy is doing well and the country is doing well? Please explain how you reached this bizarre conclusion given what has been said here.

[Razgovory]

Seem to have quite a bit of instability for a country that is doing so well.  Six Prime ministers in 10 years?  Something is making people unhappy.  Has the British economy been a bright spot for the last decade?

You read this entire thread and came to the conclusion the economy is doing well and the country is doing well? Please explain how you reached this bizarre conclusion given what has been said here.

Well, the full throated repudiation of that article that claims that Britain is in decline.

[Valmy]

Well, the full throated repudiation of that article that claims that Britain is in decline.

That was not what we are repudiating.

I have seen this same ridiculous claim made about every western country, many that are doing just fine, using this same misleading data. Trying to make it look like everybody is living in a slum and squalor. That is not the case in the UK. The country is being mismanaged and has some problems that are frustratingly persistent which is why the PMs keep getting sacked as they fail to turn things around. But no need to misrepresent the issues.

[Razgovory]

Well, the full throated repudiation of that article that claims that Britain is in decline.

That was not what we are repudiating.

I have seen this same ridiculous claim made about every western country, many that are doing just fine, using this same misleading data. Trying to make it look like everybody is living in a slum and squalor. That is not the case in the UK. The country is being mismanaged and has some problems that are frustratingly persistent which is why the PMs keep getting sacked as they fail to turn things around. But no need to misrepresent the issues.

I don't think the article said they lived in slums and squalor.  Wait, you did read the read the article right?

[viper37]

Is it really necessary for the BBC world news page to have four different items about T.Swift's marriage?

ouash.  There's a devoted subreddit to their marriage.  It now shows up on my Reddit frontpage whenever I arrive there onlogged.

[HVC]

Look at it this way, the divorce will probably create a great album.

[garbon]

Look at it this way, the divorce will probably create a great album.

[HVC]

Look at it this way, the divorce will probably create a great album.

Not exactly shocking for celebs to get divorced hah

[garbon]

Look at it this way, the divorce will probably create a great album.

Not exactly shocking for celebs to get divorced hah

Shocking though for Swift to make great music.

[HVC]

Look at it this way, the divorce will probably create a great album.

Not exactly shocking for celebs to get divorced hah

Shocking though for Swift to make great music.

Haha. She's not my cup of tea but she does have a fan base so someone has to like her albums.

[crazy canuck]

I think Fate of Ophelia is amazing