Re:Economists are now admitting that they were wrong about g...
by nostrademons on Friday October 25, 2019 @03:42PM
(#21358529)
> But this hinges on the premise that employers are receptive to older retrained workers.
This shouldn't matter in a liquid, competitive economy. If employers are not receptive to competent older retrained workers, they'll bid up wages for young workers and hold down workers for old workers. This opens up a market opportunity for some of those older workers to take the opposite side of the trade, start companies in new growth sector, and hire mostly older workers at lower prices, thus outcompeting their younger competitors.
In the short term it rarely works like this because VCs and other primary capital firms are just as susceptible to bias as hiring managers. In the long term it very frequently works like this, which is why you have firms like Whatsapp getting bought out for $19B while all the recent college grads that entered the social networking fray in 07-08 (myself included) got flushed out and took jobs in big tech.
This shouldn't matter in a liquid, competitive economy. If employers are not receptive to competent older retrained workers, they'll bid up wages for young workers and hold down workers for old workers. This opens up a market opportunity for some of those older workers to take the opposite side of the trade, start companies in new growth sector, and hire mostly older workers at lower prices, thus outcompeting their younger competitors.
In the short term it rarely works like this because VCs and other primary capital firms are just as susceptible to bias as hiring managers. In the long term it very frequently works like this, which is why you have firms like Whatsapp getting bought out for $19B while all the recent college grads that entered the social networking fray in 07-08 (myself included) got flushed out and took jobs in big tech.