This board could have been more decorated. For much of the past decade, America’s foremost economic thinkers have been struggling to resolve two “mysteries”:
1. Why was the prime-age labor-force participation rate (i.e., the percentage of workers ages 25 to 64 who have a job or want one) stuck so far below its precrisis level?
2. Why was wage growth tepid , even as the unemployment rate dropped near historic lows? Which is to say: If jobs were relatively plentiful, and available labor relatively scarce, then why weren’t workers feeling more emboldened to demand higher pay? Or, viewed from the other […]
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