Will surge of older workers take jobs from young?

http://apnews.excite.com/article/20140103/DAB3EN780.html

By MATT SEDENSKY

CHICAGO (AP) - It's an assertion that has been accepted as fact by droves of the unemployed: Older people remaining on the job later in life are stealing jobs from young people.

One problem, many economists say: It isn't supported by a wisp of fact.

"We all cannot believe that we have been fighting this theory for more than 150 years," said April Yanyuan Wu, a research economist at the Center for Retirement Research at Boston College, who co-authored a paper last year on the subject.

The theory Wu is referring to is known as "lump of labor," and it has maintained traction in the U.S., particularly in a climate of high unemployment. The theory dates to 1851 and says if a group enters the labor market - or in this case, remains in it beyond their normal retirement date - others will be unable to gain employment or will have their hours cut.

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