No matter how clever policy gets, it can’t beat the clock, writes William Watson. Read more.
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The decline in labour force participation rates during the pandemic — the “Great Resignation” — has been widely noted but professors Lee, Park and Shin argue that in fact what’s happened to “part rates,” as economists call them, is pretty much the continuation of a long-term trend. And it’s not so much older workers taking early retirement, which has got a lot of attention lately, as it is younger, less-educated workers tending to participate less. Primarily males.
Why are these changes taking place? The researchers don’t really say, except to stress that it’s all likely voluntary: with the labour market so tight over the last few years, people who want to work have been able to work.
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