The stay-at-home rate amongst the 18-34 year old age group – those who have moved back or never left the parental home – may well be a crucial missing link in explaining the record number of job vacancies and labour shortages in the developed world.
And the long-run consequences could be dire that could lead to far more persistent labour shortages than many realise, especially at the lower end, and by extension lead to higher levels of inflation for longer.
Continue reading “The labour shortage conundrum: What economists are missing in their hunt to explain the record number of job vacancies”
And with more angry, young people with no hope and a bleak future comes increased unrest and civil strife.
I grew up in the 1980s and 1990s, a time that saw the end of the Cold War and a new wave of prosperity. An age when the modern industrialised capitalist economy reigned supreme and globalisation, then still in its infancy, seemed to be the answer to global poverty. We clung to the hope that it would raise billions out of subsistence.
Continue reading “The End of the Age of Labour. We are entering the Era of Automation & Neo-Socialism: A Look at Daniel Susskind’s ‘A World Without Work’”