What about the lack of replacement employment after the mines closed?
Short answerA possible explanation is that policymakers overestimated how quickly capital would return and generate other work.
NotesThe follow-up objection concerns employment after the mines closed. Replacement work depended on new investment reaching the affected communities. One proposed explanation is that the speed of capital regeneration was overestimated, leaving a gap between the loss of mining jobs and the arrival of other employment.