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• W2124806331 abstract "Introduction The most recent Displaced Workers Survey (1) (DWS) finds that 5.3 million workers were displaced between January 2001 and December 2003 from jobs that they had held for three or more years. These workers are of particular interest for several reasons. First, due to the design of the DWS, we know that they are workers who likely lost their jobs through no fault of their own. Second, they have proven through their long association with their employers that they are good employees. Third, research has demonstrated that they are unlikely to get new jobs that are similar to their old jobs--particularly if they lost their old jobs because of technological change or international trade. Fourth, research has also shown that these workers are likely to suffer long-term earnings losses due to their job loss. This is particularly true in cases where the workers had built up skills that were to a particular job and where they are unlikely to be reemployed in a similar job. (See Jacobson, LaLonde, and Sullivan, 1993; and Farber, in this volume). Many economists and policymakers would agree that the United States enjoys a higher standard of living than many other countries, thanks, in part, to our openness to competition and technological change. Many point to improved technology and enhanced competition as driving forces behind high productivity growth over the past decade. However, technological change, competition, and even regulations that are meant to protect our citizens (environmental, health, and so on) may result in worker displacement. As with any change, the benefits and costs are likely to be unevenly distributed. However, by definition, if a change is for the better, the winners must win more than the losers lose. Thus, there is scope to compensate those who bear the cost of the change. The preceding is a moral argument for why it is important to compensate displaced workers. They are those whose jobs are lost due to technological changes, for example, that help provide cheaper goods for the benefit of all consumers: Through their sacrifice, broader society benefits. However, there are reasons, beyond moral arguments, for paying close attention to displaced workers. Industries and firms within industries often have idiosyncrasies that are tied to creating their product. It is important that their workers learn the skills that allow them to be effective at production within that idiosyncratic environment. Thus, it is important to firms that workers acquire some specific human capital, and those skills may be to the firm or the industry. (2) However, for workers, this may entail risks. If they are incompletely compensated by the firm for learning something that will only be useful within that particular job, then they are at risk if technology changes and that job goes away. It is hard to predict which skills will be enduringly useful and which will turn out, from the worker's perspective, to have been a bad investment. To the extent that it is beneficial to the economy overall to have workers who are willing to invest in job-, firm-, or industry-specific skills, there may be a need to insure workers against the risk of investing in skills that may become obsolete. In recent years, rates of job displacement have been relatively high--as high as in earlier periods when the unemployment rate was much higher (see Farber, this issue). This suggests that the pace of change in the economy has increased the risk that workers' skills will become obsolete. It also means that a higher fraction of unemployed workers are those who have been displaced, who often take longer to find new employment. This may help explain the relatively high fraction of long-term unemployment in recent years. In addition to implications for labor market policies, the rate of job displacement may have implications for macroeconomic and monetary policy more broadly. …" @default.
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• W2124806331 date "2005-06-22" @default.
• W2124806331 modified "2023-09-24" @default.
• W2124806331 title "Bringing together policymakers, researchers, and practitioners to discuss job loss" @default.
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