Labor force participation is a frequent topic of conversation on the radio these days so it seemed appropriate to actually share the graphs that I often show JT when the topic comes up.
The recent situation with Carillion should force many to consider the larger issue of corporate, or public, pension solvency. The underfunding of pensions is serious in many cases, and the “guarantee” of funds availability in retirement is not 100%. Whether we want to talk about social security, the North Dakota state teachers’ pension fund, the situation below with Carillion or a different company several of the issues remain the same.
It is a constant refrain on my part. Population is the key. This is true if I am in class teaching undergraduate or graduate students, on the radio talking with JT or the public, or in casual conversation with family or friends. Population is a key to growth, and I think most people get it. The problem is arriving at a policy that encourages sustainable population growth. North Dakota has more jobs than unemployed, and has had the problem for a long time, indicating an issue with attracting in-migration in needed numbers. Neither have we seen a demographic change in births or mortality sufficient to overcome these problems.
As most readers know, I think population is one of the most important variables when discussing the economic growth, development, and history of North Dakota. Well, of probably any region really. There are many different aspects to a discussion of population though. It can be a count of people, birth measures, mortality, migration, and so on. Today I focus on age. Why?
In a recent post I discussed the level of annual salary in several categories for North Dakota and some of the implications. I also discussed the rank for the overall average salary. As many of my students would likely think, there is a need to make a correction to those numbers. There are two things that can vary for those annual salary numbers, the distribution of the workforce and the compensation by occupational category. Continue reading More on North Dakota Wages—Standardized Comparisons