Workers are a critical component of any economy. Two centuries ago, when Adam Smith and his cohorts invented the discipline of Economics, they saw three parts to any Economy, Land, Capital and especially Labor. Later economists would jettison “land” and include “technology” as a key to the Economy. But no matter what, Labor is always central in evaluating Economic Performance.
It may surprise you that our current Secretary of the Treasury, and former Chair of the Federal Reserve, Janet Yellen, is a Labor Economist. She is the first Labor Economist to hold either of those two positions. Her primary focus is on the productivity and well-being of the labor sector.And how appropriate that a Labor Economist should be the government’s Chief Economic officer now. Because the US Labor markets are undergoing a massive transition, the likes of which we […]
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