As noted earlier, technological change is far from the only factor affecting US labor markets in the last 15 years. For example, the deceleration of wage growth and changes in occupational patterns in the US labor market after 2000, and further after 2007, is surely associated to some extent with two types of macroeconomic events. First, there are the business cycle effects—the bursting of the “dot-com” bubble in 2000, and the collapse of the housing market and the ensuing financial crisis in 2007–2008—both of which curtailed investment and innovative activity. Second, there are the employment dislocations in the US labor market brought about by rapid globalization, particularly the sharp rise of import penetration from China following its accession to the World Trade Organization in 2001 (Autor, Dorn, and Hanson 2013; Pierce and Schott 2012; Acemoglu, Autor, Dorn, Hanson, and Price forthcoming). China’s rapid rise to a premier manufacturing exporter had far-reaching impacts on US workers, reducing employment in directly import-competing US manufacturing industries and depressing labor demand in both manufacturing and nonmanufacturing sectors that served as upstream suppliers to these industries.
As noted earlier, technological change is far from the only factor affecting US labor markets in the last 15 years. For example, the deceleration of wage growth and changes in occupational patterns in the US labor market after 2000, and further after 2007, is surely associated to some extent with two types of macroeconomic events. First, there are the business cycle effects—the bursting of the “dot-com” bubble in 2000, and the collapse of the housing market and the ensuing financial crisis in 2007–2008—both of which curtailed investment and innovative activity. Second, there are the employment dislocations in the US labor market brought about by rapid globalization, particularly the sharp rise of import penetration from China following its accession to the World Trade Organization in 2001 (Autor, Dorn, and Hanson 2013; Pierce and Schott 2012; Acemoglu, Autor, Dorn, Hanson, and Price forthcoming). China’s rapid rise to a premier manufacturing exporter had far-reaching impacts on US workers, reducing employment in directly import-competing US manufacturing industries and depressing labor demand in both manufacturing and nonmanufacturing sectors that served as upstream suppliers to these industries.
正在翻譯中..