Does this mean that there are less people competing for jobs every year and we should negotiate accordingly?
What are the implications on job hopping? In theory my market value should go up every year even if all other factors remain constant.
What are the implications on job hopping? In theory my market value should go up every year even if all other factors remain constant.
If one is in an a "routine" job (as defined by Autor), one should be thinking very carefully about the next few decades. Upskilling, becoming autodidacts, and most importantly agitating for political change will be things that this group needs to engage in (the former two to stay relevant; the latter to keep eating.)
You won't build a widget factory if nobody can afford widgets. The negative effects of deflation outpace the potential negotiating power of having lower workforce participation.