> Here's something I found interesting on that regard:
>
> http://homepage.newschool.edu/~foleyd/FoleyINETBrettonWoodsRev20110605.pdf
For those of you who won't read this (very short) paper, here's a summary:
Take out FIRE, government, "other services," and ROW from your national income figures. That's -- very roughly -- a measure of the "productive" part of the economy, which Duncan Foley calls NMVA. He finds that this is a time-series of output that correlates better with employment, especially in recent times. He then goes into a not-very-forceful argument on why the classical distinction between "productive" (of capital, I guess he means) and "unproductive" labor is relevant.