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
And that's incredibly positive for trying to combat some of the damage from lockdown on kids.
The other bigger long run effect is it's going to be easier for a bunch of folks to work.
So imagine if you have some kind of disability or maybe looking after young children or like the case of my parents, you know, at the end of their career, they didn't want to work five days a week, but might have been happy to do three.
And as a result, 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.
Thank you very much.
What would that mean for everyone listening?
A, there are more working Americans.
They're paying more taxes.
It means more money for spending and less taxes that everyone else has to pay.
And B, it helps to provide more goods and services, keeping down price pressures so that inflation isn't as high and so the Fed doesn't have to push up interest rates.
So millions of people more working is a huge benefit for everyone in terms of less taxes and lower prices.
Almost none of them are pushing for a full return.
They're normally saying, look, we'd like you back in the office three days a week, but very rarely are they pushing for a full five days.
The reason for this is it's profitable for companies to let employees work from home.
It really helps recruitment and retention, and it doesn't seem to damage productivity.
So the long run looks like for companies, managers and professionals are typically going to get to work from home a couple of days a week because employees like it.
And it makes companies a lot of money.
And as a result, if you look across the U.S., across Europe, millions and millions of companies are doing that.
The vanilla of working practices is to let employees typically work from home Monday, Friday.
The explosion of work from home has generated a technological gold rush for new products to serve that market.
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