Friday, December 11, 2009

How Crap Is Labour's Economic Management- A Comparison.

As I mentioned earlier the UK is dead last out of the G20 economies to leave the recession. This means we are the bottom 5%. If we assume economic competence is normally distributed, this means that Gordon Brown is at least 1.65 standard deviations below the world mean of economic competence. So what is the equivalent of being 1.65 standard deviations below the mean whilst simultaneously boasting about leading the world economically? I can think of a couple of comparisons:
  1. Someone 5 foot 5 but claiming to be drafted by the NBA.
  2. Having an IQ of 75 but claiming to be a Mastermind champion (No Blunkett/Lammy jokes)
Any other comparisons are welcome in the comments.


Matthew said...

There's no real reason to believe it is randomly distributed thought. This was a financial markets led economic downturn, and surely our financial markets as a share of GDP is higher than almost anyone else in the G20?

Mark Wadsworth said...

Matthew nails it.

The UK was at the cutting edge of believing that we could live off house price increases and an ever larger banking sector. So we led on the way up and we are leading on the way down.

Lagging Japan by about twenty years.