Ohanian on the Great Recession and the Labor Market

Lee Ohanian talks with host Russ Roberts about the recession, the recovery, and the state of labor market. He describes the unusual aspects of this U.S. recession and recovery as shown by the labor market and the unusual performance of hours worked, productivity, and wages. He also discusses the behavior of business investment and speculates as to why this recession and the recovery has been so different in the United States. The conversation closes with a discussion of the role of the foreclosure process in encouraging unemployment.