Wow! The NY Fed study completely refutes the idea that AI is why recent college graduates have higher unemployment levels than in previous years. Excerpts:
"remote work can explain 64 percent of the increase in unemployment for all young college graduates between 2017−19 and 2022−24."
"the uptick in youth unemployment rates predates the rapid diffusion of AI."
"We show that when people work next to their colleagues, they receive more feedback on their output and more mentorship. When they are separated even by a short distance, that feedback tapers off dramatically. The loss in feedback is more pronounced for younger workers, who miss out on constructive comments that spur their development."
"Overall, the firm’s hiring patterns suggest that it is willing to teach junior workers when proximity is feasible but shies away from employing inexperienced workers if distance creates barriers to training and development. "
Every Econ instructor should make this information available to their students.
It was very validating to read that because I push back hard on my students who only seem interested in remote work. I think a lot of them see their parents with hybrid jobs, and they assume they'll get those as well.
Wow! The NY Fed study completely refutes the idea that AI is why recent college graduates have higher unemployment levels than in previous years. Excerpts:
"remote work can explain 64 percent of the increase in unemployment for all young college graduates between 2017−19 and 2022−24."
"the uptick in youth unemployment rates predates the rapid diffusion of AI."
"We show that when people work next to their colleagues, they receive more feedback on their output and more mentorship. When they are separated even by a short distance, that feedback tapers off dramatically. The loss in feedback is more pronounced for younger workers, who miss out on constructive comments that spur their development."
"Overall, the firm’s hiring patterns suggest that it is willing to teach junior workers when proximity is feasible but shies away from employing inexperienced workers if distance creates barriers to training and development. "
Every Econ instructor should make this information available to their students.
It was very validating to read that because I push back hard on my students who only seem interested in remote work. I think a lot of them see their parents with hybrid jobs, and they assume they'll get those as well.
They might want to re-think... unless their parents have, as the Russians say, "hairy paws"...