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Not Wrong, Just Snide.
Several readers take me to task for comparing India's unemployment rate to the U.S rate. But did I really do that? Well, yes I did, but it was only in response to a NY Times writer who made the same comparison, using a measure less conceptually comparable to U.S. definitions. In other words, I was just being snide, and isn't that what blogging is all about?
I still think my claim that using U.S. definitions of unemployment, India's rate is about 4.4%. is a correct one, as is my claim that unemployment wasn't rising in India during the 1990s. But I don't deny a reader's point that in the U.S., job losers look for new work while collecting unemployment insurance, while in India, which presumably has a weaker safety net, many job losers probably stay off the unemployment rolls by selling apples at a streetcorner while looking for better work. So a 4.4% unemployment rate could mean something much worse in India than the same rate means here.