Since around the 1960s, we've had large economic forces greatly increasing the supply of labor affecting wages:
1. Women entering the workforce, essentially doubling the labor pool.
2. Immigration - at least a million a year, every year.
3. Globalization - instead of local workforce, many companies can now outsource labor to cheaper countries without regulation.
4. Manufacturing - due to NAFTA, companies who once manufactured in the US can now get much cheaper labor to Mexico. This is related to #3.
5. Automation - The amount of labor needed to perform a task has been greatly reduced.
US benefitted significantly from being the only major power that didn't have its labor pool and industrial base crippled by WWII.
Absolutely correct. And if you look out share of the global GDP has been steadily declining relative to the wealth of other nations since then. The days of American hegemony are numbered, thank god.
As more of the American workforce voice their opinions and try to win the WFH battle, #3 will re-accelerate.
The wfh battle won't be impacted. USA Immigration process is absolutely horrendous and hiring remotely essentially concedes their wfh position (role is able to work remotely) . Globalization implies labor will be cheaper opting for remote foreign labor, but there will be constraints to doing so and I suspect the best companies will adapt by capitalizing on wfh as a "benefit" rather than come to conflict with opinions of talent.
Re:Gen Z does not dream of labor
by strikelaserclaw on Monday April 25, 2022 @11:40AM
(#31156433)
Land is finite but there is more than enough if we fix our stupid policies.
Yes but what about landlord feelings? Have you considered those??
Re:Gen Z does not dream of labor
by sieabahlpark on Monday April 25, 2022 @11:50AM
(#31156578)
Cool it marx. This just comes off as an angst ridden teenager throwing up his hands shouting "I give up!". Rather than evaluating what careers can get them where they want to be.
The reason for that is the same and will stay the same, for the entirety of humanity. Land is a finite resource that must be shared with other humans. Money is a public utility that must be shared with other humans. Humans don't like sharing these exclusive types of things.
You have these people complaining that India should "fix poverty" instead of doing a miniscule (by international standards) space program. The solution to homelessness requires existing landowners to give up their land. They don't want to give up their land, so instead, homelessness acts as the pressure relief valve/externality. In fact, homelessness is considered a price worth paying.
The same is true with money. People like having more money than they actually need. The ability to save against the wishes of other people and thereby indebt them is exactly what they want, the resulting unemployment is considered a price worth paying.