October 21_Weidenbaum Center Virtual Public Policy Meeting - Shared screen with speaker view
Alana Bame
I don't see him. I see an Aldeph Shin but don't hink that is him.
Steve Fazzari
Feel free to submit a question in the chat window!
Tim McBride
Great topic. IN a labor shortage like this, economists often think markets "adjust". Youngseok mentioned retirement of baby boom (which is 70+ million) people. One possibility is wages rise, people come back in or don't retire. is it possible we are seeing a big wealth effect from stock market rise where more can afford to retire? And at earlier ages (e.g<age 65)
Edmund Acosta
Participation rates in different income groups? ...racial groups? ...types of work (manuf, svc, info,...)
Daniel Smith
Is there international comparison data? Do we see this same effect in countries with a better child care system?
Terry Weiss
What are the effects of unemployment insurance on people dropping out of the labor market?
Nina Needleman
Any data on what strategies attract new (skilled) workers the best? Which attract unskilled workers? St. Louis data?
Yongseok Shin
@Edmund Acosta: Participation rates fell by similar magnitude from respective pre-pandemic levels by similar magnitudes across racial groups. It fell by more for lower income groups (I mentioned people with no college education). In terms of sectors, services, especially hospitality industries (restaurants and hotels) lost the most workers
Alana Bame
Please make sure your microphones are muted.
Yongseok Shin
@Daniel Smith: Excellent question. Participation rates falling in most advanced economies, by varying degrees though. We haven’t had a chance to look at the difference across demographic groups to see whether better child care mitigated some of these effects.
Edmund Acosta
Thanks, Yong
Edmund Acosta
I'm been a big fan of Doug North for over half century! Time fies!!
Daniel Smith
Thank you, Professor Shin. More to come on this, I'm sure.
Yongseok Shin
@Terry Weiss: Thanks, good and common sense question! Theory definitely says unemployment benefits matter for labor supply. The difference here is that we are looking at people who are not even looking for jobs. Yes, some of them do receive the unemployment benefits and it is helping them with the income loss. One study was done comparing US states that ended UE supplement benefits at different points in time (e.g., MO in June vs. CA in September) led to inconclusive results. So, the theory is there, but the evidence is not strong enough for us to point to that.
Yongseok Shin
@Nina Needleman: For skilled workers, work-from-home arrangements seem to work best, in tech and consulting, for example
Yongseok Shin
for lower skill workers, I heard a lot of stories about signup bonuses and some flexibility in work hours have led to successful hiring
Daniel Smith
I'm a bit suspicious when both Google and Apple gang up on a competitor.
Nina Needleman
@Yongseok - thanks. Makes sense. Not sure why more employers aren't being proactive here.
Tim McBride
I don't think much of the ethics of Facebook. They don't have an ethic to care much about society; they worship the bottom line and don't care about the harm they cause.
Yongseok Shin
@Nina Needleman: On difficult for employers is that once you give out sweet deals to new hires, your continuing employees get disgruntled, and you will have to make them happy by raising wages for everybody, which could be too much pressure on their profit point
Tim McBride
If they make more money from disinformation, then that is a big problem.
Tim McBride
Yesterday I saw Facebook's response will be to rename it's company. If that is all they do, that is not a good, ethical response!
Daniel Smith
part of the TV networks restrictions was a result of the FCC public interest standard.