Abstract
In contrast to the general biases of orthodox economists, the jobs crisis in America is not inevitable or natural—and more important, does not contribute to more economic efficiency through lower wages or more productivity. It is the result of deliberate political policy choices the nation has made at least since the early 1980s, when productivity was rising on a secular basis at a slow rate. Also, the policy choices were made before the rise of very low-wage emerging markets like China’s. In sum, there has been a low-wage, high-unemployment policy regime in the rich world, and especially in the United States, for a generation.
Published Version
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