Nicholas Bloom
speaker
54 appearances
1 recordings
1 series
first heard Dec 2023
last heard Dec 2023
Nicholas Bloom’s voice in public audio — every appearance, attributed to the second.
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Appearances
Work from home is going to likely increase long-run labor supply, which will push up growth, help keep down interest rates, be very positive for the entire economy.
Millions of people more working is a huge benefit for everyone in terms of less taxes and lower prices.
What we've seen is an explosion in work from home levels at the beginning of the pandemic.
So about 60% of working days were spent at home in March, April, May 2020.
They've been dropping back down as the pandemic's ended, people have returned.
But amazingly, throughout 2023, it stabilized.
So that drop ended really at the end of 2022, and it's been flat at about 30% of days for the last year now.
And it looks like this is really the new normal.
Yes, hybrid work is definitely extremely popular.
We've surveyed hundreds of thousands by now of Americans, people around the world.
They report working from home two to three days a week is about the same as an 8% pancreas.
They really like it.
Perhaps that seems a lot of money, but there's lots of evidence that people really dislike commuting.
They hate commuting.
And if you work from home two to three days a week, you save on average about three hours of commute.
And of course, you can live a bit further away, maybe have a bigger backyard, maybe have a home office.
One effect on childcare that's pretty striking is in the American Time Use Survey, we see that folks that work from home are spending about 40 minutes more a week with their kids.
They're saving a lot of commute time.
They're spending some of it on leisure and exercise, watching TV.
In fact, sleeping's a big bucket, but more time with children is one of the major uses.
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