Various economists have noted just how disastrous it will be as advanced societies transition from population growth to population decline.
It appears that this catastrophe will involve improving working standards for ordinary people.
Oh the horror! Who will be left to overpay economists?
Japan’s tightest labor market in decades shows signs of reversing a long shift toward the hiring of temporary workers.
The number of full-time, permanent workers is rising for the first time since the global financial crisis, outpacing growth in temporary jobs over the past two years.
“The labor shortage has become so bad that companies can’t fill openings only with part-timers,” said Junko Sakuyama, Tokyo-based senior economist at Dai-ichi Life Research Institute.
Japan’s 2.8 percent unemployment rate is the lowest since 1994 but most of the hiring over the past decade or so has been for temporary, often part-time positions, known as non-regular.
A shift back toward permanent hiring could help sluggish consumer spending pick up. Economists say a decades-long move toward non-regular jobs is partly to blame for weak consumer demand. Non-regular workers now make up more than a third of the workforce. Many work part time, and all on average receive less pay, few benefits, little training and no real job security.
It’s too early to declare a trend reversal, but the number of regular jobs grew by 260,000 in March from a year ago, while part-time, temporary and contract jobs rose by 170,000, the internal affairs ministry reported on Friday. Last year, 510,000 permanent jobs and 360,000 non-regular ones were added.
I’ve said it many times: Economists who talk about population declines like they are the end of the world are completely unconnected to the real world.
The historical record, most notably the aftermath Black Death (1346-1353), which show that population declines are followed by increases in standards of living and productivity.
The people who don’t do better are (in the 1300s) the nobility or (today) the holders of capital, rentiers, and people who alibi the decrease in well being for the rest of us (economists) who find that they need to spend more to pay people to work for them.
My heart bleeds borscht for them.