https://www.dallasfed.org/research/economics/2019/~/media/Images/research/economics/2019/1126/dfe1126c3.png https://www.dallasfed.org/research/economics/2019/~/

https://www.dallasfed.org/research/economics/2019/~/media/Images/research/economics/2019/1126/dfe1126c3.png https://www.dallasfed.org/research/economics/2019/~/media/Im... Whoa. That is one of the most dramatic charts I've ever seen. Anyway, from the linked paper: "Conceptually, the LIUR is the measure of labor input adopted in balanced-growth theory and inspired by evidence suggesting that, in many economies, key macro-economic variables have grown at a common rate for long periods. One of the most intriguing features of that evidence is that the resulting secular rising trend in the average real wage has typically failed to induce any noticeable trend in the share of available time that the working-age population devotes to work. "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 discretion-ary 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 vari-ous leaves that do not contribute any labor input to the production process." Could someone go into some detail, explaining the LIUR? I get that it's "available" hours divided by hours worked, but... * "One of the most intriguing features of that evidence is that the resulting secular rising trend in the average real wage has typically failed to induce any noticeable trend in the share of available time that the working-age population devotes to work." What "secular rising trend in the average real wage"? * "100 hours a week on average per working-age individual" Should we celebrate or protest when the LIUR increases? If real wages are increasing, but LIUR isn't, then economic theory asserts that labor has maxed out its working hours and cannot work more to capture the higher wages? Or has maxed out its preference for those wages in favor of something else?