> 1. The papers author's never claim causality. 2. There are other large macro forces at play, like firm consolidation, proliferation of NDAs, interest rates*, lack of growth (without Nvidia, the US economy would basically be in a recession?) and probably many more that are putting the job market into a low hire/low fire state.

And the backdrop of an aging population that needs asset prices to keep rising to meet benefit and retirement obligations, so stagflation it is.