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The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies
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Job Mobility and Wealth Inequality.

J M Applegate1, Marco A Janssen2

  • 1Complex Systems Research Group, Arizona State University, 1031 South Palm Walk, Tempe, AZ 85281 USA.

Computational Economics
|November 9, 2020
PubMed
Summary
This summary is machine-generated.

Declining job mobility in the US may stem from a debt-savings feedback loop. This cycle restricts worker movement, suppresses wages, and exacerbates wealth inequality.

Keywords:
EmergenceFirm productivityHousehold debtInequalityJob mobilityWages

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Area of Science:

  • Economics
  • Sociology
  • Labor Market Dynamics

Background:

  • US job mobility has declined for decades, impacting productivity and wages.
  • Existing research has not identified a singular cause for this trend.
  • The decline coincides with decreased savings, increased debt, and wage stagnation.

Purpose of the Study:

  • To investigate the hypothesis that declining job mobility is a consequence of a complex interaction between job changes, savings, wages, and debt.
  • To explore the potential for a negative feedback loop driven by the costs of changing jobs and household financial situations.

Main Methods:

  • Development of a stylized economic model.
  • Simulation of agent behavior in choosing employment situations.
  • Inclusion of job change costs, borrowing for these costs, and savings dynamics.

Main Results:

  • Evidence of a negative feedback loop involving job changes, wages, savings, and debt.
  • The model demonstrates how this dynamic can restrict labor market mobility.
  • The simulated dynamic generates wealth inequality comparable to current US levels.

Conclusions:

  • The interaction between job mobility, savings, debt, and wages creates a self-reinforcing cycle.
  • This cycle contributes significantly to reduced job mobility and increased wealth inequality.
  • Policy interventions may need to address financial constraints and debt burdens to improve labor market dynamics.