This Econ Roundup explores five recent papers offering fascinating insights into various economic issues, including the impact of minimum wage increases on workplace injuries, the historical effects of technological advancements on the labor market, and the future of work in the age of artificial intelligence.
Economists and social scientists constantly analyze data and research to provide insights into the economy and the broader world. This Econ Roundup highlights five recent papers that offer fascinating perspectives on various economic issues. One study examines the impact of minimum wage increases on workplace injuries.
Analyzing data from California between 2000 and 2019, the researchers discovered a significant correlation: a 10% increase in the minimum wage led to an 11% rise in workplace injuries. This phenomenon, they suggest, stems from employers intensifying the pace of work in response to higher labor costs, ultimately increasing the risk of injuries.Another paper delves into the historical effects of technological advancements on the labor market. The authors, including former US Treasury Secretary Larry Summers, analyze data spanning from 1880 to the present, revealing that periods of significant technological disruption, such as the shift from agriculture to manufacturing in the 20th century, have been followed by periods of relative stability. Interestingly, the period from 1990 to 2017, marked by the rise of personal computers, the internet, and smartphones, stands out as remarkably stable.A third paper explores recent trends in the US labor market. It highlights the growth of high-paid employment alongside a decline in low- and middle-paid jobs. The researchers also point to a surge in STEM-related employment, driven by the expansion of software and computer-related occupations. Conversely, retail sales employment has shrunk significantly over the past decade, potentially attributed to the rise of online retail powered by artificial intelligence. Looking ahead, the economists anticipate continued rapid occupational change as generative AI and other emerging technologies reshape the labor landscape. They acknowledge that while large language models like ChatGPT are too recent to have a direct impact on the labor market yet, companies have been utilizing predictive AI to optimize business operations since the mid-2010s. The authors argue that online retailers like Amazon are leveraging AI to personalize prices, product recommendations, and inventory management, ultimately outcompeting traditional brick-and-mortar stores.Nobel laureate Claudia Goldin offers a fresh perspective on the global decline in fertility rates. Building upon existing literature that attributes this trend to factors like the availability of birth control, Goldin proposes an additional explanation: the pace of economic growth. She suggests that countries experiencing faster economic growth may witness a more pronounced decline in birth rates compared to those with slower growth.
ECONOMICS LABOR MARKET TECHNOLOGY AI FERTILITY RATES MINIMUM WAGE
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