The overall labor force participation rate peaked at 67.1 percent from 1997 to 2000. After the recession of 2001, it started trending downward. In the aftermath of the 2007–09 recession, the overall labor force participation rate dropped sharply and continued its decline, registering at 62.7 percent in 2015. It changed little in 2016, growing by 0.1 percentage point to 62.8 percent. As a result, from its peak in 2000, the labor force participation rate had declined by 4.3 percentage points by 2016.
Discuss economic theory related to the quote above. Be sure to include a definition of Labor Force Participation Rate (LFPR) within your discussion.
Locate and incorporate outside research that gives evidence and explanation as to the possible causes of these declines in the Labor Force Participation rate.