Both Livingston and Jorion say paid work in labor markets is destined to decline, but I think this is far from clear. A cursory look at the US statistics indicates as such. In the celebrated post-WWII US economy the civilian labor force participation rate never reached more than 58 percent in 1953 during the Korean War. Then, it fell to 55.2 percent in 1961. Congress held hearings on “automation.” But what is the labor force participation rate today? In April 2018 it was 60.3 percent. So more people are working today than during the vaunted golden age of capitalism,...Read More
Author: Jonathan Levy
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