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Conclusions and Implications for Policy

Conclusions and Implications for Policy

(p.119) Chapter Eight Conclusions and Implications for Policy
Economic Turbulence
Clair Brown
University of Chicago Press

This chapter presents an idea of how the information in the book, and the sources that are used, can be used in policy analysis. The chaotic change that leads firms to grow and shrink, and workers to change jobs, eventually results to a more productive and stronger economy. There is a strong tie that exists between economic turbulence and firm outcomes. Firm survival changes with worker skills and turnover. After ten years of job tenure, earnings are higher at high-turnover firms than at low-turnover firms for the workers who kept their jobs (except semiconductors, where the opposite relationship holds). It is noted that high turnover rates and low workforce skill adversely impact firm survival. Additionally, most workers eventually find successful career paths—but some do not. The dynamics of the distribution of high-, middle-, and low-income jobs reflects complex processes.

Keywords:   policy analysis, economic turbulence, firm, worker skills, turnover, job, earnings, career paths

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