Felix Salmon, Emily Peck, and Elizabeth Spiers discuss the state of working in the US post-pandemic, the SEC's case against Grayscale, and guilt-free investing. They also explore remote work trends, the challenges of crypto regulation, and the growing trend of beekeeping.
Labor market changes sparked by the pandemic are likely to be permanent, with workers demanding better pay, benefits, treatment, and flexibility, leading to a shift in the power balance between capital and labor.
There is a cultural trend indicating that labor power is growing, with support for unions at a record high, potentially leading to a reversal of the declining unionization trend seen in the past decade.
Deep dives
Labor market changes permanently post-pandemic
Labor market changes sparked by the pandemic are likely to be permanent. While the great resignation phenomenon is cooling off, workers' demands for better pay, benefits, treatment, and flexibility are still prevalent. Strike activities and remote work continue, suggesting a shift in the power balance between capital and labor. The unemployment rate has risen for the right reasons, with more people re-entering the workforce, particularly women with young children. Remote work has allowed these individuals to balance their responsibilities more flexibly. Overall, the labor market has transformed, and the pandemic has brought about lasting changes.
Increasing labor power and the potential rise of unionization
There is a cultural trend indicating that labor power is growing and unionization may be on an upward climb. While union participation rates have been declining, new industries are starting to become unionized. Additionally, support for unions among Americans is at a record high. This increased labor power and growing support for unions could lead to a reversal of the declining unionization trend seen in the past decade. The pandemic has propelled a shift in attitudes towards work, inspiring a reevaluation of the extent to which individuals are willing to sacrifice for high-intensity jobs. The concept of 'shadow unions' is also emerging, where collective action occurs among workers to address workplace concerns, even without formal union involvement.
The impact of the pandemic on women in the workforce
The pandemic has had a significant impact on women in the workforce, particularly those with young children. Remote work has allowed more women to participate in the labor force, with their participation rate reaching record highs. The flexibility provided by remote work has enabled women to navigate the challenges of childcare and work simultaneously. The ability to work from home during the critical early stages of motherhood has removed some of the pressures and stigmas associated with returning to the office full-time. This shift towards increased female labor force participation may have long-lasting implications, challenging traditional norms and potentially leading to more flexible work arrangements in the future.
The regulatory challenges surrounding cryptocurrency
The regulatory landscape surrounding cryptocurrency remains murky, with legal battles and conflicting court rulings adding to the confusion. The recent SEC case against Grayscale highlights the challenges faced by regulators when determining the classification of cryptocurrencies and related financial products. The ongoing turf war between regulatory bodies, such as the SEC and the CFTC, further complicates the development of clear regulatory frameworks. The lack of consensus on whether tokens should be classified as securities or commodities adds to the legal ambiguity. The pace of resolution seems slow, suggesting the issue may be resolved over a prolonged period of time through judicial systems rather than quick legislative actions.
Felix Salmon, Emily Peck, and Elizabeth Spiers talk about the state of working in the United States three years after the COVID pandemic began. They discuss the latest in the efforts in the SEC’s attempts to litigate cryptocurrencies. And finally, can you be a guilt-free investor?
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