I have recently read two interesting articles. The first one talks about a rather unconventional way of gauging the condition of economy. Normally, there are many ways to measure where we are in the economic cycle. Candidates for good indicators for the state of economy that are frequently mentioned are gross domestic product, manufacturing production, consumption and investment, retail sales, unemployment and housing starts. But there is an alternative economic indicator - hot waitresses. That is to say “the hotter the waitresses, the weaker the economy”.
One funny economist has developed the so- called Hot Waitress Index, under the theory that attractive people land great jobs in sales when there are jobs in sales. However, when the economy contracts, these people trade down to waiting tables.
Usually when the economy turns sour, restaurants start reducing the numbers of workers. They slowly let the boys go, then the less attractive girls and then these hot girls appeared out of nowhere.
Hot people will migrate back to better jobs sooner than not-so-hot workers. Therefore, when you see the hot waitress go, it is time to feel good, not bad because it suggests that the economy is probably rebounding.
The same economist also points out other indexes besides the US Bureau of Labor Statistics for measuring economic ups and downs. One good and logical example is the Overeducated Cabbie Index- if you find many taxi drivers who are highly educated, that means the economy is not in a good state.
Another seemingly strange but sensible index is the Contractors Return Calls Index. If you call a contractor to help fix a problem at your house and they call you back within 24 hours, that means we are in a recession: Even worse, if they call you back without delay, that is a depression for sure.
In the case of Thailand, I could think of some unconventional indicators for the economy such as sandwich sellers and fried-chicken business operators. Remember the fallout of the last Asian economic crisis, when we had a lot of businessmen or the former rich who lost their businesses and fortunes. These people then turned to selling sandwiches and fried chicken.
The second article talks about a study titled “Household Division of Labor and Cross-country Differences in Household Formation Rates” which is due to be published in the Journal of Population Economics. The study using a so-called Egalitarian Index finds Swedish and Norwegian men make the most attractive husbands as they will help with the housework while Australian men - renowned for their love of sport and beer - come last on roles in the home.
Norway and Sweden topped the index, with Britain in third place, followed by the United States, making their men the most attractive marriage partners for women. Next came the Netherlands, Ireland, and New Zealand. At the bottom of the index were Japan, Germany and Austria with Australia coming last as the least egalitarian.
Can you guess where Thailand is placed in this?
By Chodechai Suwanaporn [email protected]
Source: www.fpo.go.th