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by lavrov
2830 days ago
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I don't agree that using the OECD employment rate is bullshit. The argument is not that at a single point, the fact that this other measure of unemployment is much higher than the standard measure shows that the economy is not healthy, the argument is that the divergence between the OECD employment rate and the standard measure indicates that the economy is unwell. If you deny this, then you're forced to argue that somehow the number of "disabled, stay-at-home-parents, the leisure class, those enrolled in education, and anyone else who is not working but has no desire to do so" has increased within the same demographic (25-55 males, so generally post-school), while wages have remained flat. |
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No it doesn't. Aside from it being a nonsensical measure of 'health', the overall 'employment rate' is well above pre-1990 rates (as women have continued to enter the workforce).[0]
>If you deny this, then you're forced to argue that somehow the number of "disabled, stay-at-home-parents, the leisure class, those enrolled in education, and anyone else who is not working but has no desire to do so" has increased within the same demographic (25-55 males, so generally post-school),
Of course it has. Being a stay-at-home-dad was unthinkable in 1950. Post-graduate education is increasingly common, as is mid-life career switching. I can think of many reasons why we shouldn't expect a 98% labor force participation rate from that demographic in this century.
[0] https://fred.stlouisfed.org/series/LREM25TTUSM156S