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- Jul 2017
Today’s American youth are entering a labor market strikingly different from earlier generations. Over the last decade, global economic integration and the collapse of the Soviet Union have led to what economist Richard Freeman (2008) has called a “dou-bling” of the global labor market, from a pool of 1.46 to 2.93 billion. This has created a chronic shortage of jobs relative to those who seek them. The economic downturn that resulted from the 2007 financial panic has worsened this shortfall (see Figures 1 and 2).2
And the shortage of jobs will only increase with more automation.