The Rising Influence of Rising Affluence

[OakesCS]

somewhat humorous WSJ article on shale gas jobs

http://online.wsj.com/article/SB10001424053111904233404576462543376226516.html?mod=ITP_marketplace_0

Gas Drilling Bringing Jobs to Pennsylvania, but How Many?

By KRIS MAHER

At a time when creating jobs is one of the nation's top priorities, most tallies agree that the recent boom in gas drilling has put more people to work in Pennsylvania. But just how many new jobs the surge has generated in the state is open to debate......

David Passmore, a professor of education at Penn State University who has studied labor-market trends in the state, but wasn't involved in the report, said there are potential problems with linking industry expenditures to job creation. One is that it isn't clear if Marcellus-related companies are buying all their supplies in Pennsylvania. Another is that it isn't possible to determine the economic impact of royalty payments because people will put varying amounts into the bank where the money won't stimulate economic activity.

reinforces my opinion regarding the value of an education degree