This order of magnitude mismatch between the numbers of travelling fans and those holding tickets ultimately led to a serious public disorder incident in the centre of the city now inextricably associated with this final, despite the fact that the 44,000 or so crowd who watched the game inside the stadium were perfectly well-behaved. That Great Recession is now thankfully abating, and a jobs-rich recovery is in train – which, unlike some pessimists like Paul Krugman, I think is unambiguously a good thing. But where a generation ago the challenge was in the unaccountable power of trade unions, now the labour share is at historic lows, and we want to ensure everyone benefits from economic recovery and that the proceeds of growth are spread fairly. But now it’s all about binary digits. It’s no good creating a fantastically productive and sophisticated economy if only the top few can enjoy it and the rest are consigned to the scrap heap. It’s the best measure we’ve got of people’s standards of living. Surely that represents an improvement in people’s wellbeing and quality of life?
Everywhere we turn, digital technology is driving improvements in almost every sphere of life. Technology boosts productivity. It cuts costs and allows people to spend more of their money on other things. In the duration of the six-month Expo, more than eight million people went inside, making it the UK’s most visited tourist attraction. To paraphrase, instead of making the jump from the telegraph to the telephone – written word to human voice – we’re just building slimmer phones. Today we’re recovering still from a deep cyclical downturn, not just an ordinary demand-led recession but a debt crisis. Thinking ahead, there are still one million jobs in call centres, and 200,000 check out operators. The cost of repairing North Bridge have risen by another £1.2 million, it has emerged, as the council warned the project’s budget is still set to increase ‘significantly’. The singing area would then be in the North Stand, and the Family Stand would be relocated elsewhere in the Stadium.
Federal Hall and 23 Wall Street are one block north. This wood now forms one of the offerings at the souvenir shop. But this misses one vital detail. Gordon’s hard evidence for a loss of inventive momentum is in the data on productivity, and here we optimists need to have an answer. The good news is that here in the UK they are rising again, and there is no evidence of permanent stagnation. There is, rightly, a debate about the labour share – the proportion of national output paid out in wages. This sums up the second hypothesis: that innovation is happening, that it might well benefit some, structural steelwork but everyone else is going to lose out. Something else to keep in mind; you might not take necessity of the item but you know of somebody that is. This is the thesis of a book by Professor Robert Gordon that’s fashionable in academic circles right now. Once again he was right.
Here too, as with jobs, with the right approach, technology can be our ally in the drive for higher pay. Others say that new general-purpose technology is destroying good jobs faster than they can be replaced. These fastenings are also used to fix mouldings but can be used in the same way as the smaller 22 to 24 gauge fastenings. In fact the only way that decision troubles the scorers is that the cost of your Tube ticket no longer counts as economic activity. But this way of measuring, it was designed in the middle of the last century to capture exactly the sort of things that were being made then – cars and fridges and widgets of all kinds. While much progress in the last 2 centuries was based on separating consumption and production in pursuit of efficiency, much of what gets produced in digital form today is done so at zero marginal cost to the producer and at zero cost to the consumer.
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