When asked how to define economic success, I usually say “good work at a good wage, everywhere”. On those criteria, the UK economy is failing many people. Around ten million are in insecure work. Around double that have not had their inflation-adjusted pay rise for a decade. And differences in wages across regions of the UK are greater than at any time since the late-Victorian era.
In his fascinating essay, Roberto Unger reaches broadly the same conclusion. What is often called the foundational economy – local jobs in local communities supporting local spending – is stuck in a low skills-low productivity-low wage equilibrium.
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