Tyler Cowen on the shrinking labor force participation rate:

(And broken down by age here, I never find that disaggregation reassuring however, since the elderly are working more and the young less.)

Well, of course it is. More and more old people are working in white collar jobs. More and more old people are healthier and fitter in mind and body. More and more old people are still waiting for their 201(k)s to become 401(k)s again. And there’s just not enough demand to get you to full employment. So the least experienced, least skilled, least institutional-knowledge-endowed laborers are shut out of the workforce.

Conclusion: moar money, moar inflation, moar aggregate demand plz.

Sorry for the snark.