Plain English with Derek Thompson
"We’re Seeing a Fundamental Reorganization of Work in America"
Feb 23, 2024
Dr. Arindrajit Dube, an economics professor at UMass Amherst, dives into real wage growth and its implications for inequality. He shares insights on how real wages for the poorest workers are rising, leading to a shrinking Black-white wage gap. Dube emphasizes a significant shift in the American workforce, likening it to changes seen in the mid-20th century. They discuss how job mobility affects wage growth and the enduring value of college education, despite economic discontent among many workers.
38:49
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Quick takeaways
- Real wages are increasing, benefiting lower-income workers and narrowing wage gaps.
- Accurate measurement of real wages is challenging during economic upheavals, highlighting the complexity of wage data interpretation.
Deep dives
Real Wage Growth Trends
Real wages, adjusted for inflation, have been on an upward trend, particularly benefiting lower-income workers. Despite general economic optimism, many Americans still face challenges with rising prices and varying perceptions of affordability. While real wage growth is a positive indicator, it does not guarantee universal financial improvement for all. The focus on real wage growth offers a pragmatic way to assess overall economic well-being.
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