Answer on Macroeconomics Question for Jimmy Vo
• Changes in employment patterns
• Increased returns to education
• Changes in households
First reason is really a problem for the society, the percentage of workers who belong to a labor union decreased dramatically in the past 30 years. That in itself results in a lower wage for millions of workers, because unions exist to push wages upward, and they usually succeed.
But the other two reasons are not so critical for the society.
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