A large part of an economy's productivity and output are caused by demographic shifts. While this part isn't that new, there are a few interesting modern-day phenomena that are currently changing things.
- During economic downturns, usually unemployment would rise, but because of the chronic shortage of labor, firms tend to hold on to more labor than they need.[^1] Unemployment no longer rises due in economic downturns.
- Possible causes have been the aging of advanced economies, which spell something of a [[wage-price spiral]] upwards.
[^1]: [[Can the West’s Perplexing Employment Miracle Continue]]