The above chart shows the Bureau of Labor Statistics‘ seasonally-adjusted employment-to-population ratio for individuals 16 and over from the Current Population Survey.
The “structure” they are talking about is in the exponent employment/population ratio. When the ration gets to 2/0 the ‘structure’ changes.
Actually it just changes structurally What’s inside the structure–culture–never changes.
So the exponent just goes to 2 and then not much happens. You just have inflation. Inflation is on the “square”, an area (the area under the graph) that has grown too big in Volume (our economy) that the area pushes the volume upward on the square, as I think the graph shows.
But then you have a lot of people with this (inflation) on their minds. The reason “this” is on so many peoples minds is because of the exponent.
As TPMB says, always beware of the exponent. Or he says something like that.
via Is Structural Unemployment ‘Humbug’ or Are Krugman and Baker Biased? | The Business Desk with Paul Solman | PBS NewsHour | PBS.