Economy
While the original settlement at Sheriff Hill developed through the growth of industry in the area, the suburb today is predominantly residential with no significant industry. The suburb was once considered affluent, but as of 2012, almost half of the working age population are economically inactive and less than half of households own a car. The area has than higher levels of unemployment in comparison with Gateshead and England: at Broadway, Pottersway and the Avenue, only 23.8% of adults have full-time employment and 10.09% have part-time jobs. Around 3.1% of the population are self-employed. Those in employment work outside the area, except those employed in the suburb's public houses, betting shops or fast-food outlets. Other small shops provide some local employment, but few are open for any length of time as they cannot compete with larger retailers elsewhere in Gateshead.
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Famous quotes containing the word economy:
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)