Are baby boomers a reason why productivity growth is slowing down? They are aging out of the workforce, taking their experience and expertise with them.
Some people argue that immigrants make life harder for workers who are already U.S. citizens. But the data don’t show much of a correlation between immigration and the unemployment rate or between immigration and wages.
Despite strong growth, Russia’s GDP per capita is still only about 15 percent of that of the U.S. Although Russia is becoming more productive, it’s hampered by a decline in population.
The level of education determines a worker’s earnings to a large degree, and this simple study of cohorts of workers over the decades illustrates how the “lifetime education premium” is becoming more valuable than ever.
The decision to look for a job, as well as some measures of income inequality, are closely connected with the living arrangements people choose and, therefore, are important to policymakers.