The Walking Economy: Work, Well-Being, and Model Errors

This article provides a thorough analysis of David G. Blanchflower's concept of "walking economics," which challenges established macroeconomic dogmas. The author argues that traditional indicators such as the unemployment rate and the Phillips curve no longer adequately describe the reality of the contemporary labor market. Underemployment and precarious employment are becoming key problems, generating hidden slack in the market, dampening wage pressure despite low nominal unemployment. The text also addresses the dramatic social consequences of economic uncertainty, including the phenomenon of "deaths of despair." Blanchflower advocates a shift from anachronistic statistics to qualitative indicators that better reflect the real well-being of citizens. This is essential reading for those seeking to understand the causes of contemporary economic and social crises, going beyond the scope of standard mainstream economics textbooks.