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Overview of the Book

Overview of the Book

(p.1) Chapter One Overview of the Book
Economic Turbulence
Clair Brown
University of Chicago Press

This book uses new information to go beyond anecdotes and establish some facts about economic turbulence and its impact on things that people, and their politicians, worry about: firm survival, worker job ladders and career paths, and the future of middle-class incomes. It also considers five industries that are familiar to all Americans: semiconductors, software, financial services, retail food, and trucking. Turbulence is the entire process of economic change: worker reallocation as workers change jobs and job reallocation from firms contracting and shutting down, to firms expanding and starting up. The effect of economic turbulence on firms and job ladders is described. The proportion of high-income jobs increased substantially in high-skilled industries, contrary to fears about the impact of globalization on high-skilled workers. In the retail food and trucking industries, there are fewer high-income workers. An overview of the chapters included in the book is provided.

Keywords:   economic turbulence, firm survival, worker job ladders, career paths, semiconductors, software, financial services, retail food, trucking

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