Wednesday, May 27, 2015

Who's Qualified For The Jobs Of The Future

By Keenan Mann

Much has been written about the effect of globalization on jobs and wages in response to the recently renewed calls for a dramatic increase in the minimum wage.  The explanation for the current "low wage levels" is one that is covered very early in most Economics 101 text books:  capital tends to flow to where it is used most efficiently. What that means in practical terms is if I run a business and I need to purchase labor, all other things being equal (or even close to equal), I will buy that labor from the most inexpensive supplier of it, even if I have to cross an ocean to get to that supplier. That's the story of manufacturing here in the US.  That's the story of fast food workers (without the ocean crossing), and on and on.

So the solution for an individual in a low wage job is not to have his Congressman work to get minimum wage laws passed in his favor, it is to acquire skills that will command a higher wage for him on the open market.  Those pictured below seem to have figured that out.   Take a look and read the caption:

Did you notice anything peculiar?  I did.

It has been said that a picture is worth a thousand words.  In this case, that might be a lowball estimate.


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