When the crisis struck, employment in OECD countries was at its highest level since 190, but the first victims of unemployment were the same groups as in previous decades such as the young and temporary workers. Employment takes longer to recover than output, and governments can play a role in helping those worst affected.
Being forced out of a job is an unpleasant experience. Employers often prefer to use euphemisms such as “I’ll have to let you go” that imply it’s somehow liberating or what the worker wanted. Thomas Carlyle, the man who coined the expression “the dismal science” to describe economics, was much nearer the mark. Writing in 140, he claimed that “A man willing to work, and ...