Behind inflation and supply-chain driven supply shortages one of the biggest topics in 2021 economics discussions is the so-called ‘Great Resignation’. This is a phrase increasingly used to describe the historically high levels of people quitting their jobs. Most often this is treated as one of the many ills facing the COVID and post-COVID economy. It’s also blamed what are frequently described as labor shortages. And it’s even blamed for inflation.
In fact, virtually everything we know about the Great Resignation is a good thing. And we should embrace it. It’s not knowledge workers reevaluating work life balance. It’s low wage workers in grueling and thankless jobs finally telling their bosses to go F themselves, quitting and finding better paying work.