Today I read a short but polarising post from Matthew Yglesias (via a tweet from @jencorbett on Twitter - blog here). In response to a reader he went looking for information on the impact of a recession on the careers of new graduates. While it seems obvious that their short-term ability to find work would be seriously compromised due to less jobs and competition from experienced workers, he was also shocked to find that the long term impact was also horrific.
Indeed, the news is almost shockingly dismal. Research from Paul Oyer and Philip Oreopoulos, Till Von Wachter & Andrew Heisz suggests that the negative impact on earnings of first entering the labor force amidst a recession lasts anywhere from ten years to forever.
Matthew goes on to explain that when he was a freshman in 1999 it was easy for people to get well-paid jobs because of the tech boom. But by 2003 that was long gone and the people who graduated then had more competition and therefore got lesser jobs and started in a less prestigious firm which can have a "life-long impact on your earnings".
Long story short, life is cruel and unfair, which is one of many reasons why we need economic and social justice and why talk about the infinite justice of market outcomes shouldn’t be taken too seriously.




i want to know about the impact of recession on handicraft export, if u have any information related to that kindly send me, please
Posted by: RACHNA MADAN | Thursday, May 28, 2009 at 12:25 AM