Economists may not agree on much, but we all agree that economic output is a function of capital and labor. Ask a Keynesian, a Marxist, an Austrian, a monetarist, or any economist, and they’ll all agree that living standards are determined by the quality and quantity of these two factors of production.
So it should be very worrisome that there has been a big drop in the share of the population that is employed. Here’s a chart produced from Bureau of Labor Statistics data, showing labor force participation during the 21st Century.
- Quotes of the day Allahpundit 1 hour ago
- Citizen legislator Sen. Mary Landrieu doesn’t really live in Louisiana Mary Katharine Ham 1 hour ago
- Democrats go after Republican for self-defense measure he took…14 years ago Matt Vespa 2 hours ago
- Rubio: If I had to vote again on my Gang of Eight immigration bill, I’d vote no Allahpundit 3 hours ago
- Obama lets another red line lapse in Ukraine, and the consequences will be dire Noah Rothman 3 hours ago
- Heartache for lefties: Elizabeth Warren defends Israel at Massachusetts town hall Allahpundit 4 hours ago