Joseph Y. Calhoun III points out the Recalculationist implications of Mark Perry’s post showing that job openings are increasing much faster than employment. Read for yourself.
Aug 6 2010
In the current issue of Regulation magazine, I have a review of two books, Overdose, by Richard Epstein, and Leviathan's Drug Problem, by John R. Graham. Both are excellent. Although Epstein's book came out in 2006, it didn't make much of a splash. More's the pity, because it's full of insights. Some excerpts from ...
Aug 6 2010
This morning, we will find out whether the recovery remains jobless. Meanwhile, I have an essay, Labor is Capital, that offers an explanation for jobless recoveries. Much of today's American workforce is engaged in roundabout production, which Böhm-Bawerk equated with capital. There is no longer a meaningful distinc...
Aug 5 2010
Joseph Y. Calhoun III points out the Recalculationist implications of Mark Perry's post showing that job openings are increasing much faster than employment. Read for yourself.
READER COMMENTS
Andy Harless
Aug 5 2010 at 7:37pm
As I read these data, they do not particularly support the recalculation story. It takes time to fill job openings, and the data show new hires happening at a rate that is consistent with the increase in job openings. As indicated by initial unemployment claims, layoffs (consistent with the cyclical weakness indicated by a level of job openings that is still very low despite having risen from an even lower level) are very high for a recovery, and to raise employment, gross hiring has to be enough to absorb those layoffs. I discussed these and related issues in a recent blog post. If anything, I’d say the data are fairly hostile to the recalculation story, as we would expect hiring to be even weaker, given the incentives noted by Mark Perry.
Rebecca Burlingame
Aug 6 2010 at 11:22am
I’m starting to believe that the higher employment rates of college graduates are as much a mobility issue as anything. Anyone with a college degree usually has more money in the first place, and therefore has an easier time moving where the jobs are…not so for those without the degree.
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