The new Census data provide a striking look at how today’s young adults are different on many important demographic characteristics compared to their counterparts in 1980. We can also see from the Census study how the geographic center of gravity in the US for the highest-paying jobs for young Americans has dramatically shifted over the last several generations, from cities in the Midwest and Rust Belt states to the West Coast (Silicon Valley and Seattle) and East Coast (Boston, Washington, New York, Baltimore). That shift reflects the never-ending gales of Schumpeterian creative destruction that characterize a market economy and result in some industries and geographical regions emerging as economic centers of entrepreneurship, innovation, growth, investment, employment opportunities for young people, and rising income levels, only to eventually have those forces of economic change shift and move away to other industries and other geographical regions, leaving reduced opportunities and lower levels of incomes in the once-prosperous cities.That comes from a post by Mark J. Perry, and is interesting throughout.
It can be read here.
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