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One simple question—Are wages rising?—is as central to the health of our democracy as it is to the health of our economy. For the last few decades, the U.S. economy has experienced real wage stagnation. On February 28, The Hamilton Project at the Brookings Institution hosted a forum to explore the most effective policy options to revitalize wage growth.
One simple question—are wages rising?—is as central to the health of our democracy as it is to the health of our economy. This book presents evidence and analysis that detail why wages have been stagnant for so many workers, while also identifying public policies that could effectively contribute to the growth in productivity and wages that are core parts of improving living standards for all Americans. These proposals include greater support for policies that increase human capital, boost worker mobility, strengthen worker bargaining power, and sustain robust labor demand.
Human capital is central to raising wages. This framing paper describes trends in human capital investment and educational attainment, and reviews the evidence of wage returns to educational attainment and to early childhood education, K-12 education, postseconday education, and workforce development.
Wages have stagnated in recent decades for typical workers. While a number of economic, policy, and technological developments bear some responsibility, economists have grown increasingly concerned that declining dynamism is an important cause. Declining dynamism may suggest a role for public policy in establishing the conditions for workers to successfully climb the job ladder.
The recently released Trump Administration 2019 budget includes forecasts for economic growth that are substantially more positive than most private sector or other government forecasts. In this blog, Hamilton Project Director Jay Shambaugh asseses these forecasts.
On January 30, 2018, President Donald Trump delivered his first State of the Union address. In his speech, President Trump highlighted the significant growth and progress of the U.S. economy during the last year. While a number of economic indicators are encouraging, many Americans have not benefited from this progress. In this blog, Hamilton Project Director Jay Shambaugh lays out several policy issues that have hampered broad-based economic growth.
In this op-ed, Hamilton Project Director Jay Shambaugh and Senior Research Assistant Becca Portman discuss the talent pipeline for STEM fields and how expanding the pipeline to more women and minorities could boost productivity.
In this set of eleven economic facts, The Hamilton Project explores central features of the innovation system, including patents, research and development (R&D) investments, and science, technology, engineering, and mathematics (STEM) education. Invalid patents and other challenges in the innovation pipeline can be overcome only if the determinants of innovation are well understood. Addressing these challenges advances The Hamilton Project’s core goal of promoting broadly shared economic growth.
In this op-ed, Hamilton Project Director Jay Shambaugh explores the characteristics of poverty in the United States.
After lagging behind U.S. women for more than forty years, Japanese prime-age women have now caught up and exceeded the U.S. rate of labor force participation. In this economic analysis, we seek to learn from a labor market that has been on an entirely different trajectory from that of the United States, and a country that has made women’s labor force participation a top macroeconomic priority.
In this op-ed, Shambaugh, Nunn, and Portman discuss the barriers that women face in the labor market, arguing that removing these barriers could improve women's lavor force participation, the quality of their labor market opportunities, both of which would contribute to economic growth.
In this article, Hamilton Project Director Jay Shambaugh and Policy Director Ryan Nunn address why wages aren't growing in the United States.