Because the phenomenon of (mostly young) professionals trying to get market rate for their work was novel, a name was invented for it: "Yuppies." The reason that seems an obsolete 80s word now is that we don't need a word for it now; now we take it for granted.
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A couple years ago I spent several months figuring out and describing what happened in the US around 1980. Unfortunately it has more than just economic implications. If you want to read more about it, see http://paulgraham.com/re.html
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There was a recession starting then.
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Globalization
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Right on! Japan "happened" around 1980. US manufacturers lost their pricing power, and US labor unions thier negotiating power. China, Mexico, and the rest of the world filled the gap when Japan matured.
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The implication that the employment market is now efficient, or distorted?
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Much more efficient than it used to be.
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Seems to also time with emergence of outsourcing.
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What happened was the Nixon closed the gold window in 1971 which has lead to the monetization/financialization of the economy. Look at the graphs people show, the decoupling began in the early to mid-1970’s. The narrative does not add up!
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