Labor in the New Economy: 71 (National Bureau of Economic Research Studies in Income and Wealth)


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Working Papers

The potential losses to individuals and to the U. The patent gap, for example, is estimated to close only by Patent and Trademark Office about the ability of the agency to measure the dimensions of this patenting problem and figure out how best to identify women and underrepresented minorities in the data. In February , the Patent Office released a report on the history and status of women receiving patents.

Over the past few decades, the share of patent inventors who are women has increased, yet key differences between female and male inventors persist. This bill would provide mechanisms to collect demographic data during the patent application process. These data would be collected separately from other data related to the patent application and would be voluntarily submitted to the U.

Patent and Trademark Office. If this bill passes, then its provisions would go a long way to improve how inventors are identified in the data.

Labor in the New Economy

Currently, algorithms identify demographic characteristics based on probabilities, while the current bill would obtain more reliable and consistent data. Having better data could aid researchers in doing such analysis and aid economic policymakers in improving the living standards of all Americans. Apart from comprehensive data collection by an independent federal agency, further efforts are needed to make the innovation economy inclusive. Such issues include mentoring, exposure to invention, blind patent review, and workplace climate. We briefly look at each of these features in turn below.

Mentoring has been broadly suggested as one tool to address the gender and race gap in STEM careers. The American Economic Association launched a summer boot camp program in the s to increase racial and ethnic diversity in the economics profession. Mentoring is a key component of this program. The effectiveness of mentoring is recognized beyond academic papers and university programs, with programs designed to make a difference.

US, an organization focused on programming that supports underserved and underrepresented primary and secondary school-age students, has a mission of changing the trajectory of STEM education in the United States by dramatically scaling the number of STEM professionals engaged in high-quality STEM mentoring with youth. US is building a community of companies, organizations, schools, government agencies, and cities to participate in mentoring, encouraging our society to imagine 1 million science, technology, engineering, and math professionals mentoring students in Kindergarten through graduate school.

Exposing children to invention and innovation is becoming more recognized method of increasing participation. Just one case in point is Spark Lab at the Lemelson Center for Invention and Innovation at the Smithsonian Institution, which provides an activity space that allows children to create an invention and to help them think about making the invention useful. A recent paper in Nature finds that, all else being equal, patent applications with women as lead inventors are rejected more often than those with men as lead inventors.

Patent and Trademark Office to engage in the blind review of patent applications by patent examiners. Research by Princeton University economist Cecilia Rouse and Harvard University economist Claudia Goldin has demonstrated the success of blind reviews in increasing the representation of women in the context of symphony orchestras.

Workplace issues for women and minorities go beyond the opportunity to participate in invention and innovation. Other issues have been brought into stark relief by recent events related to workplace climate, such as recent protests and discussions at Google and at Microsoft Corp. Among the issues identified in the case of these two firms—ones that have been reported about in similar workplaces elsewhere in U. Most patented invention occurs at firms.

Tom Shapiro, "Black Wealth/White Wealth..."

Therefore, at public companies, shareholders and the boards of directors need to hold CEOs more accountable for the workplace climate at their firms. The shareholders and boards of private companies should do the same.

Congress could also play a role in bolstering the ability of the federal Equal Employment Opportunity Commission to investigate such complaints and help to minimize the frequency and intensity of hostile workplaces for women and underrepresented minorities. Lisa D. Anticompetitive Conduct. Economic Inequality. Comanor and S. Rosen MIT Press, , pp. Murphy and Robert H. Topel Chicago: University of Chicago Press, , pp. Kuipers and G. Kuper Kluwer Academic Publishers, Hartley and T. Handbooks in Economics, vol. Amsterdam, New York and Oxford: Elsevier, , Martin's Press, , Baumol, R. Nelson, and E.

Mohr, , Eatwell, M. Milgate, and P. Newman, eds. London: Macmillan, Salomon ed. Only Canada, which had a lower overall poverty rate, had a worse transition rate than the United States. Low-wage workers in the United States also appear to be less likely than workers in other economies to move on to higher-wage employment. Among low-wage workers in eight advanced economies in , for example, U.

By many important indicators, the American economy is soaring. Unemployment in early fell to its lowest point in 30 years.

National Bureau of Economic Research, Inc

In a reversal of the trend of the previous two decades, real wages for most workers were finally on the rise, and productivity — a broad measure of the efficiency of the labor force — was picking up speed. In sum, it looks as if the economy of has delivered broad-based growth to most workers and their families.


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But how significant are these recent changes? Do they represent a reversal of decades of stagnant family income growth and real wage losses for most workers? Or are the fundamental problems that have beset working families over the long term simply on pause, due to current low unemployment and the increased demand for work?

Wealth Tax Basics

The evidence presented in this edition of The State of Working America suggests that a marked transformation in the U. Moreover, whether recent gains continue depends upon whether the factors responsible for the long-term erosion of wages continue to be offset by tight labor markets, unexpectedly low inflation, and further minimum wage increases. It begins with a short-term view that enumerates the impressive gains of the past few years. The second part, which compares the current s business cycle with that of the s, finds that, by many measures, workers and their families in the s have yet to recover the ground they gained in the s but lost in the s recession.

We find no evidence that real wage losses, the increase in economic inequality, and the heightened insecurity of working families are part of some sacrifice that has led to higher productivity, compensation, or per capita income.

Serial Information

The good news about recent wage trends One of the most important and troubling economic phenomena of the last two decades has been declining wages and stagnant family incomes amidst positive overall economic growth. Even when unemployment was beginning to fall in the middle part of this decade, the economic gains continued to elude most working families.

Wages continued to decline through , and family incomes were still far below the level they had reached before the recession. The period, however, is different. Over the last year and a half, as shown in Table A, low unemployment has persisted, and wages have not only grown faster than inflation, they have grown faster at the bottom of the wage scale than at the top. But from through the first half of , real wages grew 4. Wages fell for low- and middle-wage female workers at an annual rate of 0.

Wages for high-wage male and female workers also grew relatively quickly in the period, but, in both cases, wage growth at the 90th percentile was slower than at the 20th. The other panels in the table show the primary factors responsible for the recent growth spurt of real wages: falling unemployment, the increase in the real value of the minimum wage, and the decline in the growth of inflation. The role of low unemployment. The overall unemployment rate was 4.

Moreover, this 0. For example, the unemployment rate for African Americans and Hispanics fell by 1. Looking at a particularly disadvantaged group — young , minority high school graduates — reveals an even larger decline of 3. Of course, even with these large declines, unemployment rates for young minority workers are still many times higher than the overall rate e. Nevertheless, these improvements provide clear evidence that persistently tight labor markets have greatly increased the employment opportunities of the least well-off.

The role of a higher minimum wage. The role of lower inflation. Inflation, as measured by the annualized growth rate of the consumer price index, grew by 3. This unexpected deceleration in inflation means that wage increases given by employers simply to offset anticipated higher inflation translated into real wage increases. Thus, some of the wage growth over the period is a result of inflation temporarily growing more slowly than expected.

As inflationary expectations begin to conform more closely to the actual path of price growth, the contribution of lower prices to real wage growth is likely to diminish.

Labor in the New Economy: 71 (National Bureau of Economic Research Studies in Income and Wealth) Labor in the New Economy: 71 (National Bureau of Economic Research Studies in Income and Wealth)
Labor in the New Economy: 71 (National Bureau of Economic Research Studies in Income and Wealth) Labor in the New Economy: 71 (National Bureau of Economic Research Studies in Income and Wealth)
Labor in the New Economy: 71 (National Bureau of Economic Research Studies in Income and Wealth) Labor in the New Economy: 71 (National Bureau of Economic Research Studies in Income and Wealth)
Labor in the New Economy: 71 (National Bureau of Economic Research Studies in Income and Wealth) Labor in the New Economy: 71 (National Bureau of Economic Research Studies in Income and Wealth)
Labor in the New Economy: 71 (National Bureau of Economic Research Studies in Income and Wealth) Labor in the New Economy: 71 (National Bureau of Economic Research Studies in Income and Wealth)
Labor in the New Economy: 71 (National Bureau of Economic Research Studies in Income and Wealth) Labor in the New Economy: 71 (National Bureau of Economic Research Studies in Income and Wealth)
Labor in the New Economy: 71 (National Bureau of Economic Research Studies in Income and Wealth) Labor in the New Economy: 71 (National Bureau of Economic Research Studies in Income and Wealth)
Labor in the New Economy: 71 (National Bureau of Economic Research Studies in Income and Wealth) Labor in the New Economy: 71 (National Bureau of Economic Research Studies in Income and Wealth)

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