Escape to another world

As video games get better and job prospects worse, more young men are dropping out of the job market to spend their time in an alternate reality. Ryan Avent suspects this is the beginning of something big

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Hasnain says:

"However one cuts the economic data of the last few decades, the labour market has become harder for the young. The Great Recession and its aftermath were somewhat worse for young workers than the population as a whole. Yet the struggles of younger workers pre-date the crisis. Hourly wages, adjusted for inflation, have stagnated for young college graduates since the 1990s (that is, young graduates now earn roughly the same wage as new graduates did 20 years ago), while pay for new high-school graduates has declined. The shares of young high-school and college graduates not in work or education has risen; in 2014, about 11% of college graduates were apparently idle, compared with 9% in 2004 and 8% in 1994.

“Underemployment” – work in a position for which one is overqualified – has risen steadily since the beginning of the millennium; the share of recent college graduates working in jobs which did not require a college degree rose from just over 30% in the early 2000s to nearly 45% a decade later. As frustrated college students take jobs for which they are overqualified, young people with less education often find themselves competing for still less demanding work, which pays lower wages and offers less security and room for advancement."

Posted on 2017-03-17T04:33:27+0000