For men aged 50-64, labour supply is short by 152, 000 and employment by 64, 000.
Germany's better performance also relied on ever-stingier unemployment benefits, which increased labour supply and reduced upward wage pressure.
But a later one by Courtney Coile and Phillip Levine, both of Wellesley College, found that the stockmarket boom in the 1990s and its subsequent bust had no measurable impact on overall labour supply.
This could encourage workers to pass up potential job opportunities. (It could also encourage people to register as unemployed, without affecting underlying labour supply.) Most studies suggest that the extensions can be blamed for an increase in the unemployment rate of about a percentage point, although a new report from the Federal Reserve Bank of San Francisco says the effect is much smaller, just 0.4 percentage points.
Rather, the biggest risk with Labour on supply-side issues is not one of a return to Britain's bad old ways, but of missing opportunities.
Unions founded Labour and supply around 90% of the party's funds.
Workers themselves are another problem: with labour in short supply, oil and mining firms are poaching staff from one another.
Without the option of a currency devaluation, countries such as Spain, Portugal and Italy have no alternative but to restrain labour costs and bring in supply-side reforms that raise productivity, especially through the freeing of labour markets.
Anyway, retirement ages can be lifted to increase the supply of labour even when the population is declining.
Indeed Labour has harmed the supply side of the economy by increasing the regulatory and pension burden on companies.
Supply of labour is not likely to be a problem for service sites.
Germany's overhaul of the benefit system, by contrast, raises the supply of labour, relaxing the limits on the country's economic performance.
And rising house prices are likely to fuel wage increases to attract workers to areas where labour is in short supply.
France's 35-hour week, which restricts the supply of labour, lowers this limit.
The capitalist enclaves would reach so deeply into the country's pool of labour that the remaining supply of farmers, traders, dockworkers and bag-carriers would fall short of demand.
The benefits of growth may be felt by those who supply the labour (local workers), the capital (including local savers and investors) and the technology (eg, Cisco Systems) or by none of the above, such as consumers.
If it does transpire, then it starts to look like a de facto confidence and supply agreement between Labour and the Lib Dems.
Despite frequent attempts to staunch immigration from the south or divert it into legal channels, the supply of Mexican labour has continued to find ways to get in touch with American demand.
Despite the hardships, the rigid primogeniture back home ensured a constant supply of Basque labour looking to emigrate, and sheep herding was an attractive trade for those who did not speak English.
The supply of cheap agricultural labour dries up and a rising number of workers take jobs in the service sector, where productivity improvements are more difficult to achieve.
America's labour market remains tight and money-supply growth has been worryingly rapid.
Seeking to ramp up production so fast, and relying so heavily on local supplies, also risks starving non-oil businesses of capital and skilled labour (which is in desperately short supply).
Yet capital in India has tended to be in short supply and expensive, whereas labour has remained plentiful and cheap because so many people need work to escape from rural redundancy.
Leading European and US retailers have come under growing pressure to ensure that workers in their supply chain - particularly in labour-intensive markets such as India and China - are not exploited.
Labour in particular is never in short supply.
ECONOMIST: The Chinese fear inflation; the Japanese long for it
So-called supply side reform, covering the labour market and tax cuts to boost enterprise was another key feature of Thatcherite economic policy.
The cut in the duration and value of benefits may do something to improve the supply side of Germany's labour market, encouraging people to look for jobs rather than subsisting on state pay-outs.
Many Conservatives on the right of the party argue the government's pro-growth initiatives are inadequate and that changes to the labour market, tax cuts and other "supply side" measures needed to boost competitiveness are being held back by the Lib Dems.
Foreign students tend to tolerate poorer working conditions, and the supply of cheap, brilliant, foreign labour also keeps wages down.
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