Labor is not fungible, because education and training is far more costly than most people think. Especially when transitioning from a low-skill job to a high-s

Labor is not fungible, because education and training is far more costly than most people think. Especially when transitioning from a low-skill job to a high-skill one. If you think there's a big productivity slowdown now, then oh boy are you going to be surprised when you start massive retraining programs.