March 27th, 2016
(written by lawrence krubner, however indented passages are often quotes). You can contact lawrence at: email@example.com
This should frighten people out of their complacency. Also, the trend starts in1958, not 1976.
From Tyler Cowen:
You sometimes hear there is no evidence of automation putting people out of work, but arguably the automation of manufacturing, plus IT-enabled foreign competition, are significant factors behind this trend. This picture also casts doubt on the common view that there are hidden real wage increases, not picked up by standard data and wage deflators and the like. You would expect higher real wages, if indeed they were in place, to be reflected in a more positive labor supply response, but we don’t see that.