Declining Fortunes of the Young: IMFBlog

A key indicator of economic success for families is that children do as well as their parents. Such assumptions are less sure. “Despite being more educated than their parents, millennials – those born between 1980 and 2000 – may have less job stability during their working life,” explains a team for the IMFBlog. Entering and remaining in the middle class, fast-changing job requirements, intense wage competition, automation and artificial intelligence, and secure retirements are concerns. The 2008 global financial crisis exacerbated the emphasis on temporary work and income gaps among generations. An IMF study focused on the United Kingdom: Routine jobs for young workers lacking college degrees are in decline; wages are falling, particularly for women; and college degrees are producing less return. The highest-paid jobs require “abstract-thinking” and problem-solving, which can be “complementary to technology.” The share of abstract jobs has fallen since 2001. Policies must prepare individuals for automation, rapid changes in technology and need for flexibility. – YaleGlobal

Declining Fortunes of the Young: IMFBlog

Young adults can no longer assume that they will find better jobs and greater financial success than their parents – and the best jobs require abstract-thinking
Era Dabla-Norris , Carlo Pizzinelli and Jay Rappaport
Tuesday, March 3, 2020

Read the article from the IMFBlog about less economic security for young adults. 

Era Dabla-Norris is a Division Chief in the IMF’s Fiscal Affairs Department. She is currently working on issues pertaining to structural reforms and productivity, income inequality, fiscal risks and spillovers, and demographics and fiscal dynamics. 

Carlo Pizzinelli is an economist in the Fiscal Affairs Department of the IMF. His research interests are labor economics, macroeconomics, and household finance with a focus on advanced economies.

Jay Rappaport is a research analyst in the Fiscal Affairs Department of the IMF. Since joining the Fund, he has worked on tax policies, spending programs, and evolving labor issues. His research and policy interests include taxation, labor, and anti-poverty programs.

 Writers, entrepreneurs, designers  And jobs not yet imagined …

Best careers: Abstract-thinkers solve problems that move society foreward Source: Chron and Wallpaper Access)

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