Good post—I appreciate this synthesis of evidence and agree with your conclusions. One (minor) point of disagreement:
Likewise, they expected the labor force participation rate to be 55%, down only slightly from today’s roughly 61%.
I’d characterize a 6 percentage point decline as fairly substantial rather than “only slightly.” In absolute terms, 6pp may not sound like much, but relative to historical variation in labor force participation, it’s quite large.
Since measurement began in the 1940s, the labor force participation rate has remained within a relatively narrow 58–67% band. Even the COVID shock was associated with only about a 3pp decline. That historical range also spans the transition from a predominantly male workforce to much higher female labor force participation.
Hi @matthes, I appreciate your writing this post and agree with much of it. Thank you for recommending my article as well. I wanted to note I updated it for publication (preprint) earlier this year. In line with your thesis, little new evidence has been produced recently, so there wasn’t much to update.
I did add a section on the effects of reducing alt protein prices, which gently pushes back against your framing that “alternative proteins are unlikely to cause harm”:
Reviewing cross-price elasticity studies of plant-based meats, milks and butters, I conclude: “Throughout, estimates sometimes suggested that decreased plant-based meat, butter and milk analogue prices might cause increased consumption of the corresponding animal product.” Obviously, this is pretty counter-intuitive, but such is the evidence at present, in my opinion. We elaborate on the difficulties of interpreting this evidence in our review of butter cross-price elasticities.