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Or there could a supply problem, but the employers can't pay more than their international competitors, or they will lose business. Global markets are unforgivi
by jltsiren 2y ago
Or there could a supply problem, but the employers can't pay more than their international competitors, or they will lose business. Global markets are unforgiving when the same quality of talent is available in multiple countries. If you are not better than your competitors, higher wages lead to a loss of competitiveness.
Labor force participation rate in the US is 78.1% (age group 25-64). The rest are neither working nor looking for a job. If you could raise the rate to the same level as in the average OECD country (81.9%), there would be over 6 million people more looking for employment. You could achieve a lot with the additional economic activity.
- whatshisface 2y agoThat plan, read literally, involves lowering the salary of mechanical engineers while putting more mothers to work.
- jltsiren 2y agoThat's what export-driven economies have been doing for generations. You can't compete if you are not serious about it.
- whatshisface 2y agoExport-driven economies have been freeing pesants from the rigours of rural poverty for generations. I don't think destroying Brooklyn is a good idea.
- jltsiren 2y agoI was thinking more about countries like Finland (85.2%), Sweden (89.2%), Norway (84%), and Denmark (84.5%). Or maybe Switzerland (86.8%) or Netherlands (85.4%).
- meristohm 2y ago"You could achieve a lot with the additional economic activity." What are you trying to achieve, and why?