Monetizing Women: Why Economic Growth Doesn't Feel Like Progress
As women entered the workforce, much of the unpaid labor which they had previously performed was transformed into new, service-sector jobs. The same real economic value was being created, but now it was being counted in economic figures as jobs created and GDP. As a result, we had several decades of job growth and economic growth, but it was a bookkeepers profit. The same things were being done, just by different people in different places. It was nominal growth disguised as real growth.
If this is the case, our real economic growth was much lower than even the pessimists estimated. Our monetary policy, in turn, would be far, far too tight for the actual productivity gains we were making.