PSYC 5571 Lecture 10: March 30_ Aging Society _ Quinn
Document Summary
Retirement means no longer working for pay. Who is in the labor force: people of working age who are employed + unemployed but are actively searching for a job (last 4 weeks, 1/3 of the labor force is not working and not actively searching. This includes the discouraged workers who would love to have a job but have given up. The labor force participation rate is currently 70% (equal to the size of the labor force divided by the population) Lfpr got up to 68% in the 90s and has been declining ever since: only about 2/3 of the people of appropriate age are in the labor force. Why is the lfpr decreasing: technology, some of this is the aging of the population, the poor middle age white men are dying at earlier ages or are giving up on finding jobs.
