

This is a cyclical, not a structural, unemployment - JumpCrisscross
https://www.kansascityfed.org/publicat/sympos/2012/el-js.pdf

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stephengillie
_It is possible that another kind of structural shift has occurred, such that
workers’ skills do not match those demanded by the economy._

This has been echoed by employers - they need to hire but can't find people
with the right skills. Liquid unemployment needs skills to be widely
transferable across a variety of jobs, which apparently is no longer the case.
The work skills that most people have are no longer skills which other people
find valuable. To change this state, people have to be trained, and someone
has to pay for that - individuals, their parents, a company, governments,
private donors, somebody.

ITTET, companies believe they can't afford to hire untrained workers -- to
afford to train their employees. Having a current employee do this job is
cheaper than hiring, meaning companies really aren't expanding the capacity at
which they can supply their respective markets.

The Mulligan perspective is interesting, but it conflicts with the Laffer
curve.

~~~
malandrew
Totally agree. It's mostly a problem precipitated by globalization starting
with the IBM layoff of '93. Since that layoff, loyalty (employer to employee
and employee to employer) has completely eroded to the point, where neither
has confidence of how long one will "keep" the other around. This means that
employers no longer bet on people with right talent, but not the right skills
because it is conceivable that the employee could leave in a few months to a
few years after any required skills have been acquired/mastered.

These problems are further precipitated by tech companies giving HR
departments exactly the tools they asked for and not the tools they need. HR
departments asked for tools to help them perform better skill-to-position
matching, often based on keywords, and approach very prone to false negatives
(i.e. people ideal for the position not even being considered). What HR
departments actually need are tools to help them determine who would likely
succeed in positions that need filling based on comparable or transferrable
skills.

