All posts filed under: Faculty Commentary

Ubers-and-taxi

What We Know About the Future of Work

Everyone is talking about the Future of Work, capitalization apparently mandatory. Pacific Standard has a series running on the Future of Work. Forbes and Fast Company have new dedicated sections on the Future of Work. Various big foundations are putting big money into researching the Future of Work. Some unions are doing that too. So, what is the Future of Work? Here are seven semi-informed thoughts on future labor markets, income distribution, and social movements. 1. Nobody really has much of a clue which sectors will be remade. Consider this: the VC firms that spot and fund those startups thought to be shaping the Future of Work by disrupting all our ordinary folkways? They expect almost all their startups to fail. Nobody knows where the next Uber is going to come from. Not to get all Hayekian here, but the market has its own logic. But… 2. We probably should not be panicking about technological unemployment or a robot revolution. See here David Autor’s great new paper “Why Are There Still so Many Jobs?” One is that it turns out to be awfully hard to automate …

Differences

A Burden That Does Not Affect All Americans Equally

Over 8 million Americans were officially unemployed in July, with more than 2 million classified as long-term unemployed, according to the latest jobs report. Another some 6 million Americans were involuntary part-time workers — unable to find full-time work — and about 2 million Americans were marginally attached to the work force, including discouraged individuals convinced there is no work for them. These distinctions do not affect all Americans equally. For example, while the official unemployment rate is still around 5 percent, for African-Americans the unemployment rate is over 9 percent. American teenagers looking for work have an unemployment rate of about 16 percent, but for African-American teenagers, the unemployment rate is over 28 percent. Can we all agree that’s an outrage? Americans are struggling with stagnant wages, rising inequality, increasing personal debt and reduced opportunities for their children, even as the economy expands and the stock market regularly hits new highs. Some say the solution is to further grow the economy by reducing taxes and regulation. Others say the government should just force private …

American Fingerprint

Trump and Bush, ‘Anchor Babies,’ and Birthright Citizenship

Donald Trump has made himself the Republican frontrunner for president by advocating enforcement of U.S. immigration law and an end to birthright citizenship for children of illegal aliens. The former frontrunner Jeb Bush, trying to resuscitate his floundering campaign, has denounced “anchor babies” while continuing to advocate amnesty for illegal aliens in the U.S. When both Republican candidates drew the predictable criticism for their remarks, Jeb Bush explained that he was mainly talking about Asians, not Mexicans, in his use of the term “anchor babies”, continuing to dig himself deeper into the hole he is in. Donald Trump, of course, doesn’t apologize for anything. The criticism of the term “anchor babies” is mainly against the implication that illegal alien parents have children in the U.S. with the intent to “anchor” themselves here as parents of U.S. citizens who should not be deported. There’s no doubt, however, that illegal alien parents have children for many of the same reasons that parents everywhere have children. But there’s also no doubt that having produced U.S. citizen children in …

Trump Immigration Plan Sensible, Realistic

Donald Trump’s immigration program is realistic and sensible, and it makes him a serious presidential candidate. Trump’s political appeal is to that segment of the American electorate that believes it is being lied to by the political establishment. The establishment and its candidates are telling us that if some immigration is good, then more immigration is always better, even though large numbers of American workers are feeling trapped by stagnant wages and job insecurity, if they have a job at all. “Trump’s attention-getting hyperbole characterizing illegal Mexican immigrants as murderers and rapists taps into the concerns of many Americans about accelerating immigration.” Economists puzzle over why wages are stagnant even as the economy expands, corporate profits increase, and the stock market regularly hits new highs. Many Americans are concluding that corporate profits and the stock market are high because wages are stagnant, the result of a labor surplus that produces job insecurity. Further, in the compelling new book Rise of the Robots by Silicon Valley futurist Martin Ford, the author warns us that the accelerating …