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There are many things going on at work.
How a person earns a living can tell us a lot about their interests, areas of expertise, and lifestyle. Likewise, the types of jobs that are created or lost in the economy can tell us about where the economy is headed.
Our national economic identity has undergone a dramatic transformation over the past hundred years or so, largely due to the transition away from an economy based on labor-intensive, working-class, manufacturing industries. commodity Shifting to a more driven economy Serve More and more jobs in the industry require specialized training or higher education.
This shift had its benefits. Jobs became less dangerous, many goods became cheaper, and many workers enjoyed a life of comfort that turn-of-the-century factory workers could only dream of.
However, our new technology-based economy also means that there will be fewer job opportunities for workers without education or training, leaving them unable to compete for high-paying positions with long-term job security.
Today’s class is about the front lines of economic transformation. We go to a factory that was once a symbol of our strong manufacturing economy, and today, all the forces affecting transformation are colliding at the same time, and workers and business owners are forced to adapt on the fly. We dive into the decision-making process of when to replace workers with machines.
Then we come to a farm where even increasing wages isn’t enough to attract the workers it needs. International pressures and cheap food from abroad are holding back wage increases. We’ll look at how immigration and trade policies affect wages and labor supply… and the supply of celery.
Concepts we cover:
- Cyclical unemployment
- Structural unemployment
- Skilled and low-wage workers
- Efficiency wages
Homework:
Look for stories about hiring and layoffs in the news. What types of jobs are disappearing? What types of jobs are increasing? Is the job loss structural or cyclical? Show us your findings on social media using #PMSummerSchool.
Summer Economic Song: Each week, we pick some of our favorites and add them to Our PlaylistRecommend your favorites on social media. Be sure to use #PMSummerschool.
At Planet Money Summer School, phones are allowed during class. Check out this week’s PM Tik Tok!
music: I need you, Pacific Affairs, Mind Surfing, Sleeper Agent, Deep Desert Blues & Take this job and push it, Johnny Paycheck
Find us: twitter / Facebook / Instagram / Tik Tok
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