5 ms·
The definition of LIUR here is: "The share of available time devoted to work is the LIUR, calculated as the total number of hours that the working-age populati
by acqq 7y ago
The definition of LIUR here is:
"The share of available time devoted to
work is the LIUR, calculated as the total
number of hours that the working-age
population (16 years of age and older)
was actually at work relative to discretionary
hours—100 hours a week on average
per working-age individual—that that
population could have devoted to work.(3)
The numerator—hours at work—excludes
hours paid while on vacation or on various
leaves that do not contribute any labor
input to the production process."
"3) This number of hours of time available to work per week for each member of the working-age population has been conventionally adopted in the literature by rounding up the figures documented in “Response to a Skeptic,” by Edward C. Prescott, Federal Reserve Bank of Minneapolis Quarterly Review, Fall 1986."
"4) Notice also that, by construction, the labor input utilization rate (LIUR) overcomes one of the limitations of another commonly used labor market indicator, the employment/working-age population ratio, which measures the number of workers on payroll, regardless of the number of hours they are at work. This alternative indicator could provide the false impression of a tighter labor market in circumstances in which two or more part-time workers have replaced several full-time workers, even if the total number of hours worked remained unchanged."
From:
https://www.dallasfed.org/~/media/documents/research/eclett/2018/el1810.pdf https://www.dallasfed.org/~/media/documents/research/eclett/...
And from my perspective, it's quite weird indicator.
- sk0g 7y agoTo be honest, if the indicator was renamed to Slavery Efficiency Index, it would better reflect what it actually indicates.
- tehjoker 7y agoThat sharply increasing line for older women pre-2008 was incredibly depressing.
- zanny 7y agoIt has two interpretations. On one hand, the rise indicated women who had careers in their lives entered their 55+ years and brought the average up. Before then it simply wasn't an option as a woman even if you wanted one. On the other it can indicate increased participation due to scarcer financial resources necessitating labor. Its the difference between having to work and wanting to. Both are a kind of slavery because both are eliminating individual personal choice in the matter.
- tehjoker 7y agoI suppose that's true. In that interpretation, it could also be an indication of the boomer generation occupying the upper reaches of the economy and preventing others from rising. The second interpretation is just depressing, and I suspect it is the more dominant effect. It would be helpful to see a further breakdown.
- AnimalMuppet 7y agoWanting to is a kind of slavery because it eliminates individual personal choice? What? Either I misread you, or you are saying something rather absurd...
- zanny 7y agoIf you want to work but cannot because of societies prohibition on your gender entering the labor market you are slave to your husband who is allowed to earn a living when you cannot and are thus made wholly dependent and indentured to them.