Since 2008, the creative industries have continued to be the fastest growing sector of our economy and continue to create new jobs at a faster
rate than the economy as a whole.
But ensuring that, over time, the state grows more
slowly than the economy as a whole, so spending falls as a share of national income and we can reduce taxes and borrowing.
That is because the Fed funds rate is down at the zero bound, and monetary policy is being conducted through «credit easing» — using the Fed's balance sheet to benefit troubled lending markets,
rather than the economy as a whole.
However a government spokesperson argued: «Teaching has a lower turnover
rate than the economy as a whole — 90 per cent of teachers in state schools stay in the profession from one year to the next while the number of teachers returning to the classroom continues to rise year after year.»
They are far more volatile
than the economy as a whole, and in the end don't deliver any more than the economy as a whole, but sucker people into thinking the markets are magical money machines, until what is weird (too good) becomes weird (too bad).