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Something changed in the US around 1980. I was there when it happened, and what happened was that the country shifted from a model that was a market economy at the macro scale but not at the level of individuals to a market all the way down (if you wanted it to be).pic.twitter.com/Xvcd3pFHxx
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.
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
Perhaps those wage gains were tempered by more software and automation? e.g. technology requiring less labor (a deflationary impact on wage growth)?
the increasing market economy at the macro scale aka globalization has increased productivity, but caused stagnant wages because of expendable worker supply?
i prefer to think the transformation occurred in 1971 with the end of the gold standard, which paved the way for the petrodollar agreement in 1970. both end of gold and petrodollar enabled US to become a financial economy rather than production one
I just wanna say that the word “yuppies” is alive and well actually
ok but young professionals didn’t effect a pay bump alone; bosses and investors did, in order to keep talent, and enrich themselves. subjecting society at every level to market competition is called neoliberalism and it’s really really bad. what can you do to fix it?
A lot of the yuppies were doing nothing of value and finding ways to get paid a lot for it, often leveraging class and race. I think that is a parallel phenomenon to price discrimination in employment, which I agree grew over that time period.
With data such as this you ever wonder how the Crack Error effected economic growth. Imagine the U.S. Gov didn’t flood its creative, underserved communties w/crack & U.S. neo-apartheid economics wasn’t the mainstream business curriculum.
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