Is There a Frustrationless Labor Market?

Economics and policy lacked the right kind of microscope to see that, in fact, they were right. Labor economists have known for decades since the work of Jacobson, Leland, and Sullivan,. People lose 20 to 30% of income for 10 years at a time. There's increased mortality, and so on. I'm a labor economist. We've been sensitive to that issue for a long time.