Fifty Things that Made the Modern Economy

by Tim Harford

In 2016, four economists presented research into a puzzling fact about the US labour market: the economy was growing strongly and unemployment rates were low, and yet a surprisingly large number of able-bodied young men were either working part-time or not working at all. More puzzling still, while most studies of unemployment find that it makes people thoroughly miserable, against expectations the happiness of these young men was rising. The researchers concluded that the explanation was – well, living at home, sponging off their parents, and playing video games. These young men were deciding they didn’t want to be a Starbucks server. Being a starship captain was far more appealing.

The exception to unemployment theories