By Jacob Swartz
When we consider markets, we typically think of commerce – the buying and selling of goods and services, international trade, investing, supply and demand. Markets are the backbone of our economy. Almost everything has a market – food, medical care, toys, films and entertainment, weapons, drugs, stocks. But there is one market that surpasses them all in importance, without which no other market could exist – the labor market.
Labor is crucial for commerce. Without people to produce goods and services, commerce would cease to exist. Businesses rely on labor to function, creating a demand similar to that for material goods and services. In other words, the labor market is the foundation on which all other markets depend.
In an age where everyone feels the need to have an opinion on just about everything, many people consider themselves “economic experts.” However, when everyone has an opinion on a complex issue, most of those opinions are bound to be wrong. Economics is a prime example of this, filled with false consensuses. With that in mind, let’s go ahead and debunk some common myths about the history of the American labor market, from the Industrial Revolution to the present. [Read more…] about The American Labor Market: Fact vs. Fiction