In a podcast with Russ Roberts. Self-recommending.

An excerpt (there were many to choose from):

in earlier periods, manufacturing jobs were, you know, slowly going away. But at the same time, population was growing. So new young people could come into the market, and they adjust; and they don’t see, there isn’t enough jobs in manufacturing, and they kind of reallocate to other sectors. In the early 2000s, we lost, as I said before, about 4 million manufacturing jobs, in the early 2000, 2004, 2005 period. You know, from 1980 to 2000, we lost about 2 million manufacturing jobs over that 20-year period. And here we lost, you know, very quickly. And it might be that when shocks happen quickly, it just takes people longer to adjust. Some people get displaced; and then they have to work through, you know, accumulating new skills, moving to a different sector, moving to a different location. And if the young are more likely to do that than older workers, then we have to have enough young to kind of clear the market. And that might just take a little time. So, I don’t think this is going to be a long-run problem. I just think it’s–you know, we are seeing the medium run responses to this right now.