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Labor Markets' Importance
- Labor markets are crucial for distributing income and structuring society.
- Well-functioning labor markets have positive ripple effects, reducing social problems like crime.
Pandemic's Impact
- The pandemic accelerated pre-existing labor market trends, like tightening due to demographics and restricted immigration.
- This tightening compressed inequality and improved low-paid work, but these changes are not transformative.
Immigration and Wages
- Restricting immigration, while potentially inhumane and a mistake, likely contributes to labor market tightness, raising low-end wages.
- Minimum wage, despite its imperfections, can reduce inequality and raise wages without significantly harming employment.