These two professors should be ashamed of themselves for writing this bit of economic illiteracy. The University of Chicago Law School, which prides itself on its economic sophistication, should immediately fire them for violating that characteristic. And the Wall Street Journal, which also claims some economic sophistication, and, sometimes even achieves it, should greatly regret publishing this contribution to economic fallacy.

Wherein lies the blunder of these two authors? They write as follows: "In the U.S. after many years of a declining retirement age, the average worker is now retiring later, which means that there are fewer jobs for young people."