How to Reinvigorate the Wages of Young Workers and Revive American Birthrates
In 1978, Richard Easterlin stood before the Population Association of America and predicted that the wages of young American men — falling since 1973 — would turn around by 1984.
He had earned the confidence. As we have discussed in the past, Easterlin’s relative cohort size hypothesis was the most successful applied demography of its era , and it had already explained the biggest population event in American history—the Baby Boom. He replaced the mysticism about returning GIs, swooning Rosie Riveters, and suburban optimism with actual social science.
The gauzy…
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