The lower percentage of kids were trained to do the jobs that required the least amount of mental stimulation..end result everybody had a life long job.As far as cross training, it wasnt covered in the article.
Once again, the Fed had to come up with a term (like frictional unemployment) that would be politically acceptable, so the Fed uses the term Non-Inflationary Unemployment Rate. In the mid 1990s, Alan Greenspan said this was 6%. In other words, it was deliberate government policy to keep the unemployment rate at 6% to hold down wages. Similar statements from other Fed leaders date back at least as far as 1980. (A lot of observers, including my staff, think that the non-inflationary full employment rate is somewhat higher than 5.1 percent and may be closer to 6 percent.) Although the Fed is supposed to watch both unemployment and inflation (The Federal Reserve operates under the Federal Reserve Act, which requires the Fed to try to achieve maximum employment along with price stability. http://www.federalreserve.gov/boarddocs/speeches/2 the Feds top priority is fighting inflation. In fact, the current chairman of the Fed (Bernanke) explicitly said the U.S. should make it a higher priority to fight inflation than to fight unemployment. (Ibid)
As unemployment tends to zero, inflation should tend to infinity.
The other kids advanced as far as they could, and were trained to do work not quite as complex as the above 3 job titles.
As others have pointed out, #1, #2, and #4 are not the main factors.
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As unemployment tends to zero, inflation should tend to infinity.
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As others have pointed out, #1, #2, and #4 are not the main factors.
The lower percentage of kids were trained to do the jobs that required the least amount of mental stimulation..end result everybody had a life long job.As far as cross training, it wasnt covered in the article.
It seems kids were encouraged to get good grades in school and as they got older advanced to higher levels of learning. The smartest