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From the Department of Underappreciated Facts

Summary:
Career earnings growth in the U.S. more than doubled between 1960 and 2017, and the age of peak earnings increased from the late 30s to the mid-50s. I show that a substantial share of this shift is explained by increased employment in decision-intensive occupations, which have longer and more gradual periods of earnings growth…Experience takes longer to accumulate in high variance, non-routine jobs. That is from a new working paper by David J. Deming.  One implication is that AI leads to lots of angry, frustrated, left-wing young people, and a cementing in of the gerontocracy. The post From the Department of Underappreciated Facts appeared first on Marginal REVOLUTION.

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Career earnings growth in the U.S. more than doubled between 1960 and 2017, and the age of peak earnings increased from the late 30s to the mid-50s. I show that a substantial share of this shift is explained by increased employment in decision-intensive occupations, which have longer and more gradual periods of earnings growth…Experience takes longer to accumulate in high variance, non-routine jobs.

That is from a new working paper by David J. Deming.  One implication is that AI leads to lots of angry, frustrated, left-wing young people, and a cementing in of the gerontocracy.

The post From the Department of Underappreciated Facts appeared first on Marginal REVOLUTION.

Tyler Cowen
Tyler Cowen is an American economist, academic, and writer. He occupies the Holbert C. Harris Chair of economics as a professor at George Mason University and is co-author, with Alex Tabarrok, of the popular economics blog Marginal Revolution. Cowen and Tabarrok have also ventured into online education by starting Marginal Revolution University. He currently writes the "Economic Scene" column for the New York Times, and he also writes for such publications as The New Republic, the Wall Street Journal, Forbes, Newsweek, and the Wilson Quarterly.

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