Fynsa
Lately, I've been feeling incredibly nostalgic. For those of you who aren't familiar with it, the Ironman World Championships—the franchise that organizes triathlon worldwide, both at the full distance (a real Ironman) and the half-distance (known as 70.3, for the total miles to be covered).
For several years now, Chile has hosted a regular edition of these competitions: the famous Ironman 70.3 in Pucón, and another one in Coquimbo, though we don’t know if it will be held again.
Well, it turns out that the full-distance world championship will be held next week in Kona, Hawaii, and thanks to social media, I’ve been bombarded with photos from both pros and amateurs (including Gabi, from our team) of this wonderful island that I had the privilege of visiting (and competing in the 70.3) a few months ago.
I know you often wonder why I write such strange introductions that have little to do with economics. Well, it turns out that the economics is more than just “money”—it actually studies all the human decisions we make. Basically, think of any decision you’ve ever had to make where you didn’t face a series of choices while working with limited resources (time is also a resource). I’ll be waiting for you. Sure, it turns out that many of those decisions are based on what to do with money, but they aren’t all about that, and I’d say they aren’t necessarily the majority.
With that in mind, I joked that if I saw one more photo of the pros training in Kona, I’d do something crazy/silly/irresponsible. Carolina, my wife, immediately jumped in and offered a voice of reason—which wasn’t quite so reasonable when I told her that, obviously, I was referring to her when I said “crazy.” But anyway, even if it wasn’t her advice, all it took was a quick glance at the bank’s website to bring me back to reality and settle for enjoying—from a distance—the wonders that Kailua, Waikoloa, and Hawi have to offer. And the fact is, like the vast majority of us who live in Chile, our family income comes exclusively from our work.
This is why the labor market is studied so thoroughly and in such detail. Analyzing its behavior isn’t just about looking at numbers; it’s also about the standard of living that each family member can achieve based on their individual circumstances. Of course, perhaps I’m thinking frivolously about returning to Hawaii, while others are thinking about renovating a room in their home, some about paying for their children’s education, and a significant number about making ends meet. Or all of the above. Wages, hours worked, the possibility of moving to a job with better conditions, the ability to secure such a job, and the conditions necessary to even consider looking for a position—all of these are vital for meeting all of those family needs.
As a result, the recent employment figures are not something to be happy about. Although the figure for the rolling quarter ending in August did not show an increase in the unemployment rate (7.9%), the rate has remained high by historical standards and no longer reflects the job creation we saw a few months ago. In fact, we consider it quite likely that we will never again have the same number of people working—or even participating in the labor market—as we did before the social unrest and the pandemic, due to structural changes that have taken place in the economy—a phenomenon not limited to Chile but observed globally.
Therefore, the challenge is twofold: on the one hand, we must strive to maximize the quantity and quality of available jobs given the current skills of the workforce, which can be achieved by taking measures to boost growth and improve labor laws, including those related to trade agreements.
However, there are also long-term challenges related to ensuring that current—and, above all, future—generations need to fully participate in an ever-faster-changing world. Neither of these discussions can take precedence over the other, and they undoubtedly require multifaceted efforts and a multidisciplinary approach to be successfully addressed. But let’s hope we don’t wait until this hits us in the face to realize how important it is, so that so that, in the future, more people and families can have worries as pleasant as wanting to return to the vacation spot where they were happy.
