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:
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“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)