Fast Growing Careers: Good News for Economy?
Yahoo! posted this story with the caption that read: "A spike in want ads for some careers could mean the economic outlook is brightening." However, given that the top two fastest areas of growth are in Legal Careers and in Business and Financial Careers (led primarily by growth in accounting jobs), I am not so optimistic. Assuming that the accounting growth is primarily for tax accountants, the top two job growth areas are not indicative of job creation, but of resource reallocation. If the tax code were not so complex and if we had a well functioning rule of law, resources (financial, human, and capital) would be freed up for use elsewhere, and certainly in areas that provide much greater value to society. Ultimately, growth in areas that are effectively government induced is not economic growth at all. It is purely an increase in cost as we attempt to hold onto our current level of wealth.
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