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labormarkets
Explore "labormarkets" with insightful episodes like "What Happens to Privacy in the Age of AI?", "Greedy jobs and the gender pay gap", "2023: The Year of the Strike", "Three Signals We’ve Entered a New Economic Era" and "Anna Stansbury on How to Boost Worker Bargaining Power" from podcasts like ""The Journal.", "More or Less: Behind the Stats", "The Journal.", "The Ezra Klein Show" and "Odd Lots"" and more!
Episodes (5)
Greedy jobs and the gender pay gap
Harvard professor Claudia Goldin has become only the third woman to win the Nobel Economics Prize for her groundbreaking research on women’s employment and pay. Tim Harford discusses her work showing how gender differences in pay and work have changed over the last 200 years and why the gender pay gap persists to this day.
Presenter: Charlotte McDonald Producer: Jon Bithrey Editor: Richard Vadon Sound Engineer: David Crackles
(Picture: Claudia Goldin at Havard University Credit: Reuters / Reba Saldanha)
2023: The Year of the Strike
Three Signals We’ve Entered a New Economic Era
“From the U.S. Federal Reserve’s initial misjudgment that inflation would be ‘transitory’ to the current consensus that a probable U.S. recession will be ‘short and shallow,’ there has been a strong tendency to see economic challenges as both temporary and quickly reversible,” writes the economist Mohamed El-Erian. “But rather than one more turn of the economic wheel, the world may be experiencing major structural and secular changes that will outlast the current business cycle.”
There are few people who understand financial markets or central banking as deeply as El-Erian. He is the chief economic adviser at Allianz, the president of Queens’ College, Cambridge, and the author of multiple books, including, most recently, “The Only Game in Town: Central Banks, Instability and Recovering From Another Collapse.” Until 2014, he was the C.E.O. of PIMCO — which under his leadership was the largest bond manager in the world.
In recent years, markets have been roiled by significant shocks — from a global pandemic that snarled supply chains and disrupted labor markets to a Russian invasion of Ukraine that sent global commodities markets into a tailspin. But El-Erian believes we’re also witnessing a deeper structural shift in the very nature of the global economy. Economic policymakers today are trying to bring the economy back to that of 2019, but in El-Erian’s view, there is no going back. We’ve entered a new era that demands a different kind of response.
So I invited El-Erian on the show to help me understand the economic era he thinks we’re entering and how policymakers can respond. We discuss whether the United States is experiencing a permanent decline in labor force participation, why modern supply chains could continue to experience difficulties well beyond the pandemic, how changing U.S.-China relations could unleash inflationary pressures throughout the world, how the Fed’s efforts to stabilize financial markets may have ironically opened the door to the financial collapse, why El-Erian believes a decade-plus of easy money was a colossal mistake, what lessons developing countries learned from the 2008 financial crisis, the parts of the global financial system most at risk of melting down today, El-Erian’s scathing critique of the Fed’s communication strategy and more.
Mentioned:
“Not Just Another Recession” by Mohamed El-Erian
The Only Game in Town by Mohamed El-Erian
Book Recommendations:
Invisible Women by Caroline Criado Perez
Bad Blood by John Carreyrou
The World For Sale by Javier Blas and Jack Farchy
Thoughts? Email us at ezrakleinshow@nytimes.com. (And if you’re reaching out to recommend a guest, please write “Guest Suggestion” in the subject line.)
You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.
“The Ezra Klein Show” is produced by Emefa Agawu, Annie Galvin, Jeff Geld, Rogé Karma and Kristin Lin. Fact-checking by Michelle Harris and Mary Marge Locker. Original music by Isaac Jones. Mixing by Jeff Geld. Audience strategy by Shannon Busta.
Anna Stansbury on How to Boost Worker Bargaining Power
Labor markets are considered to be "tight" right now, but wage growth continues to lag inflation. For decades, in fact, we've seen a steady decline in worker bargaining power, or labor's share of total income. So what would it take to turn this around? How can workers regain leverage? On this episode of the podcast, we speak with Anna Stansbury, an MIT economist who focuses on labor and macroeconomics. She discusses her research, the decline of labor's share and the role that unionization and other factors play in this long-term trend.
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