As can be seen in chart 4, which plots the change in employment shares from 2000 to 2002 against the change in value added shares over the same period, there is a strong positive correlation between these changes, both for all industries and for the subset of industries that make up the four restructuring sectors we identified previously.
Because, like it or not, we have to understand what markets are telling us. We don’t always have to agree. But we have to understand the language they speak.