PHL 4477

LABOR, LEISURE AND SPAIN'S LOST GENERATION

Across the Eurozone, countries have been struggling with high rates of structural unemployment (relative to other developed economies) for several decades. The outlook is particularly grim for younger generations, who are facing an unemployment rate of well over 50% in Spain. The role of various government labor protections and regulations (e.g. long-term unemployment benefits, restrictions on dismissals and layoffs, vacation and family leave benefits, etc.) will be explored. For many years these considerations were top-of-mind for economists seeking to explain extreme stagnation in Spain’s labor market. Recently, however, experts have been citing advances in technology as a significant contributor to structural unemployment in developed countries. While advances in technology might displace workers, there are clear benefits in productivity associated with such. The challenges and opportunities of this so-called "second machine age" will be explored in depth. In particular, we will examine how technological advances free up human resources to engage in more substantial leisure, which benefits individuals as well as society. We will also explore how leisure differs fundamentally from sloth and vice, which present a significant challenge in a world where humans are no longer required to work to subsist.

Units: 3.0