Thursday, September 23, 2010

Haskayne prof revolutionizes economy

I was delighted to read today that a professor at the Haskayne School, Dr Piers Steel, has developed a "conceptual framework" to match workers to jobs better. He is proposing a system called "synthetic validity." You will understand why I am so excited about this when you learn, as I did with astonishment, that "This new selection tool would also be incredibly valuable, generating worldwide benefits worth trillions of dollars per year—more than $100 billion to the Canadian economy alone—says Steel." Wow!!! Canada's GDP is around $1500 billion, so Steel's conceptual framework, for which a working system apparently still needs to be built, will boost our GDP by 7% on a perpetual basis!!! Not to mention the global effects!!! This is the single most important finding of the last hundred years, at least. While I haven't had time to read the materials in detail, I am really pleased to know that a simple tool in which the precise demands of each job are fully described, matched up with workers who systematically describe their true traits, can achieve such great efficiencies. This will blow the whole recession thing out of the water, globally! And I like that the name of the system is synthetic validity.


Anonymous said...

I think I sense a tad bit of sarcasm...

I guess that's all it takes to get us out of this recession. On top of that, this idea might just put us ahead of U.S in world superpower status. :)

Anonymous said...

Actually, these gains are comparable to what was ascribed to Canada adopting free trade (based on an annual Deadweight Loss of protectionism of 10%) and to Canada adopting the US dollar as its currency.

The number produced by Dr. Steel needs to be presented in terms of gains in labour productivity so that we can understand how the gains will come about. For example, can synthetic validity address the Canada/US labour productivity gap and would closing that gap result in the income gains forecast?