Wednesday, March 22, 2023

Should we prevent teens from working?

The message of chapter 1, that voluntary transactions create wealth, has longer term benefits when the transactions involve labor.   As Reason points out:

"When economist Raj Chetty studied dozens of local factors that correlated with upward mobility, teenage labor force participation proved more powerful than almost any other factor, even high school drop-out rates or violent crime rates," Timothy P. Carney pointed out last week in a Washington Examiner column.
Chetty, a Harvard University economist, is better known for emphasizing the value of social capital—in particular, friendships across class lines—for boosting economic mobility. But his research indicates a strong correlation between teenage participation in the labor force and upward mobility. It's a connection that's been made multiple times in the past.
Although teenage labor force participation fell from 59.3% in 1978 to 32.5% in 2014, this year it climbed to 37.5%, partly as a result of less restrictive laws.

1 comment:

  1. Pozdrav svima. Moje ime je Maria Magdalena, samohrana sam majka troje djece, želim podijeliti opipljivo svjedočanstvo o tome kako sam dobila zajam od 10.000 eura uz 3% od bogobojaznog čovjeka, gospodina Mikea Andersona. Ako ste zainteresirani za dobivanje kredita, obratite mu se, uvjeravam vas da je sigurno, hvala. E-mail adresa: (