From DSC:
I hesitate to post this one…but this information and the phenomenon behind it likely has impacted what’s happening in the higher education space. (Or perhaps, it’s a bit of the other way around as well.) Increasingly, higher ed is becoming out of reach for many families. Again, is this a topic for Econ classes out there? Or Poli Sci courses?


Trends in income from 1975 to 2018 — from rand.org by Carter Price and Kathryn Edwards

Excerpt:

We document the cumulative effect of four decades of income growth below the growth of per capita gross national income and estimate that aggregate income for the population below the 90th percentile over this time period would have been $2.5 trillion (67 percent) higher in 2018 had income growth since 1975 remained as equitable as it was in the first two post-War decades. From 1975 to 2018, the difference between the aggregate taxable income for those below the 90th percentile and the equitable growth counterfactual totals $47 trillion.

Trends in income

Also see:

  • ‘We were shocked’: RAND study uncovers massive income shift to the top 1% — from fastcompany.com by Rick Wartzman
    The median worker should be making as much as $102,000 annually—if some $2.5 trillion wasn’t being “reverse distributed” every year away from the working class.
    .
  • The top 1% of Americans have taken $50 trillion from the bottom 90%—And that’s made the U.S. less secure — from Time.com by by Nick Hanauer and David Rolf
    [From DSC: By the way, that title likely has some link bait appeal to it.]
    Excerpt: 
    As the RAND report [whose research was funded by the Fair Work Center which co-author David Rolf is a board member of] demonstrates, a rising tide most definitely did not lift all boats. It didn’t even lift most of them, as nearly all of the benefits of growth these past 45 years were captured by those at the very top. And as the American economy grows radically unequal it is holding back economic growth itself.

Why is our death toll so high and our unemployment rate so staggeringly off the charts? Why was our nation so unprepared, and our economy so fragile? Why have we lacked the stamina and the will to contain the virus like most other advanced nations? The reason is staring us in the face: a stampede of rising inequality that has been trampling the lives and livelihoods of the vast majority of Americans, year after year after year.

 

From DSC:
Are Economics classes across the United States talking about our current situation? It seems to me that this kind of discussion would be so important, relevant, and thought-provoking. Economics is a complex subject. I know I would have appreciated learning more about the complexities, the pieces, the ingredients, the interrelationships of things in my college years. Seems like there are some solid topics for discussion board postings in here…

ECONOMY
Worries grow over a K-shaped economic recovery that favors the wealthy — from cnbc.com

KEY POINTS
  • As the economy struggles to shake off the pandemic effects, worries are growing that the recovery could look like a K.
  • That would be one where growth continues but is uneven, split between sectors and income groups.
  • One obvious area of concern is the dichotomy of the stock market vs the real economy, especially considering that 52% of the market is owned by the top 1% of earners.
  • “Let’s not get lost on different letters of the alphabet,” Treasury Secretary Steven Mnuchin said. “There are certainly parts of the economy that need more work.”
 

The Fed’s Evolution Is Coming to a Computer Screen Near You — from nytimes.com by Jeanna Smialek
The 2020 version of the Federal Reserve’s loftiest annual meeting will be webcast this week, allowing the public to tune in for the first time. It could be the stage for an important policy shift.

Jerome Powell at the Fed

Excerpt (emphasis DSC):

On Thursday, Chair Jerome H. Powell will have a chance to update America on the central bank’s soon-to-conclude framework review, in which it has revisited its policy tools for good and bad times, in a speech at the Kansas City Fed’s annual conference. The storied gathering of elite economists has been held behind closed doors in Jackson Hole, Wyo., since 1982. Because of the coronavirus pandemic, the event will be held remotely and streamed on the Kansas City Fed’s YouTube page this year, allowing the public to tune in for the first time ever.

 

 

From DSC:
May this be the start of something new!!! How cool/rewarding would it have been for our economics-related courses to be able to tap into this from a remote distance…then discuss (and track) things afterward!


Addendum:

 

Surveys: Most teachers don’t want in-person instruction, fear COVID-19 health risks — from blogs.edweek.org by Madeline Will

Excerpts:

Teachers are more likely than administrators to express concerns about returning to school. The vast majorities of school leaders (96 percent) and district leaders (90 percent) say they are willing to return to their school building for in-person instruction, compared to 81 percent of teachers.

Also, teachers of color are more likely than white teachers to be concerned about going back into the classroom. Just 35 percent of teachers of color say there should be in-person instruction this fall, compared to 47 percent of white teachers. Eighty-three percent of white teachers said they’re willing to go back into school buildings, compared to 66 percent of teachers of color.

Those are some of the key findings from a nationally representative online survey by the EdWeek Research Center. The survey was conducted July 22-23, and 1,366 educators responded—873 teachers, 251 principals, and 242 district leaders.

Also see:

 

Here’s how colleges should help close the digital divide in the COVID-Era — from edsurge.com by Dr. Mordecai I. Brownlee

Excerpt:

One key problem prevalent in many low-socioeconomic communities around the nation—like San Antonio, which now has the highest poverty rate of the country’s 25 largest metro areas—is the digital divide. Digital divide is a term used to describe the gap present in society between those who have access to the internet and technology and those who don’t.

It speaks directly to a primary challenge facing our education system in this COVID-era: Some students and families have the means to succeed in a remote learning environment, and others do not.

 

From DSC:
For current and/or future data scientists out there.

Guides on how to ace your next data science interview

Required Skills
The data analyst position at Amazon requires specialization in knowledge and experience. Therefore, Amazon only hires highly qualified candidates with at least 3 years of industry experience working with data analysis, data modelling, advanced business analytics, and other related fields.

Other basic qualifications include:

  • Bachelor’s or Masters (PhD prefered) in Finance, Business, Economics, Engineering, math, statistics, computer science, Operation Research, or related fields.
  • Experience with scripting, querying, and data warehouse tools, such as Linux, R, SAS, and/or SQL
  • Extensive experience in programming languages like Python, R,  or Java.
  • Experience with querying relational databases (SQL) and hands-on experience with processing, optimization, and analysis of large data set.
  • Proficiency with Microsoft Excel, Macros and Access.
  • Experience in identifying metrics and KPIs, gathering data, experimentation, and presenting decks, dashboards, and scorecards.
  • Experience with business intelligence and automated self-service reporting tools such as Tableau, Quicksight, Microsoft Power BI, or Cognos.
  • Experience with AWS services such as RDS, SQS, or Lambda.
 

Colleges cut academic programs in the face of budget shortfalls due to Covid-19 — from cnbc.com by Jessica Dickler

Key points:

  • As colleges face extreme budget shortfalls, some institutions are cutting academic programs that were once central to a liberal arts education.
  • The University of Alaska system announced it will cut 39 academic departments in all, including sociology, creative writing, chemistry and environmental science.

 

Even before the global pandemic caused craters in the economy, some institutions were facing financial hardship after years of declines in state funding for higher education. A number of private schools had already made wrenching budget cuts, from curriculum changes to complete overhauls of their liberal arts programs.

 

From DSC:
A screenshot from the video (below) shows a new type of liberal arts program at Hiram College.

It could very well be that online-based learning turns out to save the liberal arts!!!!! How ironic is that!?!!

That is, many college presidents, provost, and faculty members — especially from smaller liberal arts types of schools — have disdained online-based learning for decades now. It was always viewed as “less than” in their minds…they didn’t want to go that route, as doing so would dilute their precious (and often overpriced) brands. (To be clear, this is not my view…but it was, and still is in many cases, their view.)

Anyway, it looks like more of these same folks will be losing their jobs in the next few years (if they haven’t already). At that point, we may see some of these same folks encounter a sudden paradigm shift. (A shift many of their colleagues have already gone through in prior years.) These same folks may come to appreciate that people will be willing to pay them for their knowledge — but only willing to do so at a much more affordable price…which will likely mean online.

Fewer people — especially when 47 million people in the U.S. alone have filed for unemployment over the last 14 weeks — can afford the cost of getting a degree. They are looking for inexpensive, convenient, efficient, effective means of reinventing themselves.

 

Huh…another potential irony here…it appears that colleges and universities are coming to know what many of us have known and experienced for years…and that is, the struggle to:

  • Reinvent oneself
  • Stay relevant
  • Survive
 

How higher education can adapt to the future of work — from weforum.org by Farnam Jahanian, President, Carnegie Mellon University; with thanks to Evan Kirstel for sharing this here

Excerpts:

Embrace the T-shaped approach to knowledge
The broad set of skills needed by tomorrow’s workforce also affects our approach to educational structure. At Carnegie Mellon University—like many other institutions—we have been making disciplinary boundaries much more porous and have launched programmes at the edges and intersections of traditional fields, such as behavioral economics, computational biology, and the nexus of design, arts, and technology. We believe this approach prepares our students for a future where thinking and working across boundaries will be vital. The value of combining both breadth and depth in higher education has also led to many universities embracing “T-shaped” teaching and learning philosophies, in which vertical (deep disciplinary) expertise is combined with horizontal (cross-cutting) knowledge.

Invest in personalised, technology-enhanced learning
The demand for more highly skilled workers continues to grow. Recent analysis of U.S. data by The Wall Street Journal found that more than 40% of manufacturing workers now have a college degree. By 2022, manufacturers are projected to employ more college graduates than workers with a high-school education or less. Technology-enhanced learning can help us keep up with demand and offer pathways for the existing workforce to gain new skills. AI-based learning tools developed in the past decade have incredible potential to personalise education, enhance college readiness and access, and improve educational outcomes. And perhaps most importantly, technology-enhanced learning has the compelling potential to narrow socioeconomic and racial achievement gaps among students.

The rapid pace of today’s advances requires a more comprehensive workforce and education strategy across a spectrum of measures, including policy, access, programmes and outreach. The private sector, government, educators and policy-makers must work together to deliver multiple pathways to opportunity for young people looking for their first foothold in the job market, as well as to re-skill and up-skill workers striving to maintain their place in the workforce. 

 

OPINION: The odds are still stacked against low-income college students; here are some ways to expand the possibilities — from hechingerreport-org by Aimee Eubanks-Davis; with thanks to Joseline Hardrick at the WMU-Cooley Law School for posting this on LinkedIn

Excerpts:

Unfortunately, the odds for low-income students are still stacked against them. In fact, only one in four will graduate with a strong first job or enter graduate school. There is no safety net for these students. In fact, for their families, they are the safety net. They’ll start college expecting to leave with good-paying jobs with benefits that allow them to pay back loans, help their parents or other family members financially, and lead a self-sustaining life. Instead, the jobs that college graduates from low-income backgrounds do eventually land set them on an incongruent path to earn 66 cents on the dollar compared to their more affluent peers.

When we help provide low-income and first-generation college students the tools to overcome gaps in skills, assist them in getting a foot in the door at a top internship and connect them with professionals in the field, they will blow us away every time. I, for one, am excited to see a world in which extraordinary diverse leaders can emerge truly from anywhere and everywhere.

 

Why AI is a threat to democracy – and what we can do to stop it — from asumetech.com by Lawrence Cole

Excerpts:

In the US, however, we also have a tragic lack of foresight. Instead of creating a grand strategy for AI or for our long-term futures, the federal government has removed the financing of scientific and technical research. The money must therefore come from the private sector. But investors also expect a certain return. That is a problem. You cannot plan your R&D breakthroughs when working on fundamental technology and research. It would be great if the big tech companies had the luxury of working very hard without having to organize an annual conference to show off their newest and best whiz bang thing. Instead, we now have countless examples of bad decisions made by someone in the G-MAFIA, probably because they worked quickly. We begin to see the negative effects of the tension between doing research that is in the interest of humanity and making investors happy.

The problem is that our technology has become increasingly sophisticated, but our thinking about what free speech is and what a free market economy looks like has not become that advanced. We tend to resort to very basic interpretations: free speech means that all speech is free, unless it conflicts with defamation laws, and that’s the end of the story. That is not the end of the story. We need to start a more sophisticated and intelligent conversation about our current laws, our emerging technology, and how we can make the two meet halfway.

 

So I absolutely believe that there is a way forward. But we have to come together and bridge the gap between Silicon Valley and DC, so that we can all steer the boat in the same direction.

— Amy Webb, futurist, NYU professor, founder of the Future Today Institute

 

Also see:

“FRONTLINE investigates the promise and perils of artificial intelligence, from fears about work and privacy to rivalry between the U.S. and China. The documentary traces a new industrial revolution that will reshape and disrupt our lives, our jobs and our world, and allow the emergence of the surveillance society.”

The film has five distinct messages about:

1. China’s AI Plan
2. The Promise of AI
3. The Future of Work
4. Surveillance Capitalism
5. The Surveillance State

 

Towards a Reskilling Revolution: Industry-Led Action for the Future of Work — from weforum.org

As the Fourth Industrial Revolution impacts skills, tasks and jobs, there is growing concern that both job displacement and talent shortages will impact business dynamism and societal cohesion. A proactive and strategic effort is needed on the part of all relevant stakeholders to manage reskilling and upskilling to mitigate against both job losses and talent shortages.

Through the Preparing for the Future of Work project, the World Economic Forum provides a platform for designing and implementing intra-industry collaboration on the future of work, working closely with the public sector, unions and educators. The output of the project’s first phase of work, Towards a Reskilling Revolution: A Future of Jobs for All, highlighted an innovative method to identify viable and desirable job transition pathways for disrupted workers. This second report, Towards a Reskilling Revolution: Industry-Led Action for the Future of Work extends our previous research to assess the business case for reskilling and establish its magnitude for different stakeholders. It also outlines a roadmap for selected industries to address specific challenges and opportunities related to the transformation of their workforce.

 

See the PDF file / report here.

 

 

 

 

Top six AI and automation trends for 2019 — from forbes.com by Daniel Newman

Excerpt:

If your company hasn’t yet created a plan for AI and automation throughout your enterprise, you have some work to do. Experts believe AI will add nearly $16 trillion to the global economy by 2030, and 20 % of companies surveyed are already planning to incorporate AI throughout their companies next year. As 2018 winds down, now is the time to take a look at some trends and predictions for AI and automation that I believe will dominate the headlines in 2019—and to think about how you may incorporate them into your own company.

 

Also see — and an insert here from DSC:

Kai-Fu has a rosier picture than I do in regards to how humanity will be impacted by AI. One simply needs to check out today’s news to see that humans have a very hard time creating unity, thinking about why businesses exist in the first place, and being kind to one another…

 

 

 

How AI can save our humanity 

 

 

 

5 questions we should be asking about automation and jobs — from hbr.org by Jed Kolko

Excerpts:

  1. Will workers whose jobs are automated be able to transition to new jobs?*
  2. Who will bear the burden of automation?
  3. How will automation affect the supply of labor?
  4. How will automation affect wages, and how will wages affect automation?
  5. How will automation change job searching?

 

From DSC:
For those Economics profs and students out there, I’m posted this with you in mind; also highly applicable and relevant to MBA programs.

* I would add a few follow-up questions to question #1 above:

  • To which jobs should they transition to?
  • Who can help identify the jobs that might be safe for 5-10 years?
  • If you have a family to feed, how are you going to be able to reinvent yourself quickly and as efficiently/flexibly as possible? (Yes…constant, online-based learning comes to my mind as well, as campus-based education is great, but very time-consuming.)

 

Also see:

We Still Don’t Know Much About the Jobs the AI Economy Will Make — or Take — from medium.com by Rachel Metz with MIT Technology Review
Experts think companies need to invest in workers the way they do for other core aspects of their business they’re looking to future-proof

One big problem that could have lasting effects, she thinks, is a mismatch between the skills companies need in new employees and those that employees have or know that they can readily acquire. To fix this, she said, companies need to start investing in their workers the way they do their supply chains.

 

Per LinkedIn:

Putting robots to work is becoming more and more popularparticularly in Europe. According to the European Bank for Reconstruction and Development, Slovakian workers face a 62% median probability that their job will be automated “in the near future.” Workers in Eastern Europe face the biggest likelihood of having their jobs overtaken by machines, with the textile, agriculture and manufacturing industries seen as the most vulnerable. • Here’s what people are saying.

 

Robot Ready: Human+ Skills for the Future of Work — from economicmodeling.com

Key Findings

In Robot-Ready, we examine several striking insights:

1. Human skills—like leadership, communication, and problem solving—are among the most in-demand skills in the labor market.

2. Human skills are applied differently across career fields. To be effective, liberal arts grads must adapt their skills to the job at hand.

3. Liberal art grads should add technical skills. There is considerable demand for workers who complement their human skills with basic technical skills like data analysis and digital fluency.

4. Human+ skills are at work in a variety of fields. Human skills help liberal arts grads thrive in many career areas, including marketing, public relations, technology, and sales.

 

 

 

The re-education of Economics 101 — from qz.com by Eshe Nelson

Excerpt:

CORE’s online textbook, The Economy, has rewritten the first year of an undergraduate economics degree. Its goal is to make economics a study of the real world and to embrace topics that are typically thought to be too complicated for the simplified equations and theories taught in most introductory classes. The creators of CORE, which stands for Curriculum Open access Resources in Economics, wanted to address the complaints of students who said they’d studied economics to understand issues like poverty, inequality, sustainability, and technological innovation but instead faced years of abstract economic theory and mathematical equations. These students didn’t want to become econometricians. They wanted to solve problems using economics to eradicate poverty, reduce inequality, measure the true impact of automation, and achieve sustainable growth.

Those complaints became too loud to ignore following the financial crisis a decade ago. When the global economy went into free fall, economists suffered a severe loss of credibility. They were vilified for not anticipating the financial crisis and further berated for their inability to offer credible ways to speed up the weak recovery, which dragged on almost to the present day. While most countries’ economies have now recovered, the reputation of the economics profession has not. Its failures not only enraged people who had lost their jobs and their livelihoods, it infuriated students all over the world as well. They felt they weren’t properly equipped to understand what had happened.

 

The re-education of Economics 101 By Eshe Nelson

 

This is one of the reasons that some of today’s foremost problems—inequality, climate change, and financial crises—are either missing or oversimplified in economics teaching, they argue. Economists lost their way, they say. The desire for mathematical perfection and scientific precision was partly to blame. But so was a desire to influence public policy and cement the credibility of economics as a relatively new science. “The result of this education is that we, as the next generation of economic experts, are grossly underprepared to use effectively or responsibly the power we are given,” write the authors.

 

Also see:

The Remaking Economics Series from Quartz.com

 

 

 
 

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