Thread: Jobs vent
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Old 03-05-2004, 04:07 PM   #9
jaguar
whig
 
Join Date: Apr 2001
Posts: 5,075
There are many interesting studies about what happens to sectors that are largely outsourced or made redundant by technology. The rough division goes something like this:

35% or so retrain and move to positions further up the food chain
35% or so find work at a similar level of pay
30% or so move to positions below their previous wages.

This is one proposed reason we see growing wage inequity in many 1st world countries, as we remove the middle of the food chain the disparity becomes larger.

Money also of course breeds money. When you hit a certain level you suddenly don't have to pay tax and have huge streams of income that require little or no maintenance, tends to make things a bit more complex as well. A more recent phenomenon in some countries recently is people leveraging the capital in their homes to invest. This has been giving lots of central banks the jitters as it's helped lead to an incredible rise in household debt in recent years, making the net effect of pricking any 'bubbles' twice as dangerous. Housing market conditions haven't helped either. I'm now crapping on off topic, I'm going to be quiet now.
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