Average Is Over: Powering America Beyond the Age of the Great Stagnation
The groundbreaking follow-up to the New York Times bestseller The Great Stagnation
The United States continues to mint more millionaires and billionaires than any country ever. Yet, since the great recession, three quarters of the jobs created here pay only marginally more than minimum wage. Why is there growth only at the top and the bottom?
Renowned economist and bestselling author Tyler Cowen explains that high earners are taking ever more advantage of machine intelligence and achieving ever-better results. Meanwhile, nearly every business sector relies less and less on manual labor, and that means a steady, secure life somewhere in the middle—average—is over.
In Average is Over, Cowen lays out how the new economy works and identifies what workers and entrepreneurs young and old must do to thrive in this radically new economic landscape.
it. I didn’t intend to mislead her; I thought it was rather obvious, but to her it wasn’t, not even after reading my vita online. She accepted my offer for a date and we have now been married for over ten years. The medium forced at least one of us—probably both of us—out of our usual intuitions and to our mutual benefit. Years later, when doing the research for this book, I read that the scientists at Match.com have discovered that a conservative is, on average, more willing to email a profile
become more like computers—well, a large number of high earners will become more like computers anyway, cognitively speaking. That said, when it comes to our private lives, we will become less like computers, because we rely on computers for many basic functions, such as recording numbers, helping us with arithmetic, and remembering facts through internet search. In these ways we will become more intuitive, more attuned to the psychology and emotions of everyday life, and more spontaneously
problems. The computer would correct you and show you better answers, or applaud your acumen. This process would continue for hours and indeed for years. At the end of it all, you would be well equipped to be in a “Freestyle economist human–machine team.” The program makes you more productive and it’s not that heavy to carry around. If you were sitting in a policy meeting, or doing a consulting job, you would ask your computer program the appropriate economics question, process its answer, and
2011, http://innovationandgrowth.wordpress.com/2011/09/25/bad-decade-for-male-college-grads/. Mandel’s work has been updated by Diana G. Carew, “Young College Grads: Real Earnings Fell in 2011,” blog: The Progressive Fix, September 20, 2012, http://www.progressivepolicy.org/2012/09/young-college-grads-real-earnings-fell-in-2011/. Again, these data are for the individuals not going on for graduate degrees. The underlying raw data come from the Census Bureau, Table P-32, Educational Attainment,
vision systems, 116 Rosette (computer program), 139–40 Rowling, J. K., 234 Russia, 20 Rybka (chess program) and computer chess matches, 72 and evaluation of chess play, 203, 224–25 and Freestyle chess, 47 and human collaboration, 135, 168 and human intuition, 114–15 and performance evaluation, 104 power of, 68 and training human chess players, 102, 106–7, 120, 124, 192–93 Santa Cruz, California, 9–10 Scholes, Myron, 203 Schwarzenegger, Arnold, 134 science, engineering, and math