From Greg Ip:
For decades, the typical college graduate's wage rose well above inflation. But no longer. In the economic expansion that began in 2001 and now appears to be ending, the inflation-adjusted wages of the majority of U.S. workers didn't grow, even among those who went to college. The government's statistical snapshots show the typical weekly salary of a worker with a bachelor's degree, adjusted for inflation, didn't rise last year from 2006 and was 1.7% below the 2001 level.
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2 comments:
Why?
Is this the impact of globalization? The WSJ column suggest that.
I know that economists support free trade and fairly open migration of workers, but to be fair, most such economists have tenure and a guaranteed job for life. Would academic economists still be so pro-globalization if they had to forego tenure and open up their own job to the world market like the rest of us?
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