I’d guess it’s overabundance of working-class workers relative to the need. But recently I’m seeing claims that the elite are overabundant: for example, there aren’t enough elite slots for the next generation, so Harvard’s acceptance rate has gone from 30-odd% to around 1%; and would-be middle-class young people are having to stay with mom and dad to save on rent while working long hours. How can there be an oversupply of all different classes of workers? If it’s that automation makes us all way too efficient, shouldn’t that make us rich and leisured rather than overworked and desperate?
I’d guess it’s overabundance of working-class workers relative to the need. But recently I’m seeing claims that the elite are overabundant: for example, there aren’t enough elite slots for the next generation, so Harvard’s acceptance rate has gone from 30-odd% to around 1%; and would-be middle-class young people are having to stay with mom and dad to save on rent while working long hours. How can there be an oversupply of all different classes of workers? If it’s that automation makes us all way too efficient, shouldn’t that make us rich and leisured rather than overworked and desperate?