Over at PostEverything, with nice pictures.
The piece, which builds off the fact that the formerly tanking labor force participation rate has been fairly stable now since last August, ends with a sports analogy:
Simply put — and because who can resist a econo-sports analogy — we’ll put more growth points on the scoreboard because more people have come in from the sidelines to contribute to the game.
The idea is that if greater labor demand pulls people into the labor market who are currently sitting out, that will boost GDP growth, which is roughly the sum of productivity growth plus labor force growth.
But I fear the analogy may be a bit off. What game allows you to keep sending people in such that as your team grows in numbers, it can score more points than your outnumbered opponent? Imagine a basketball game where you could just keep sending in players off the bench without pulling anyone out. That sounds a bit more like war than sport. Still, you get the point…