U.S., U.K. 'Very Far Away' From Full Employment, Says Blanchflower

The transcript discusses the paper by David Bell and David Blanchflower on full employment, highlighting Jay Powell's skepticism about the US and UK labor markets being fully employed. It examines the lack of wage growth, attributing it to underemployment and non-employment. The impact of globalization and the Great Recession on the labor market is explored, noting that workers are hesitant to push for wage increases due to job insecurity. The discussion concludes with an analysis of labor demand and the changing global economic landscape, emphasizing that the US is far from full employment.

What are the main concerns expressed about the current state of the US labor market?

How does the speaker relate wage growth to full employment?

What factors are mentioned as contributing to the lack of wage growth?

In what ways has globalization impacted the labor market according to the text?

What does the speaker suggest about the understanding of full employment among economists?