Average Is Over
Powering America Beyond the Age of the Great StagnationBook - 2013
One of the World's most acclaimed economists delivers his magnum opus on the future of labor in America.
There are more rich people and more poor people in our country than ever before. That widening gap means dealing with one big, uncomfortable truth- The middle is growing thinner and thinner.
In this eye-opening book, globally renowned economist and bestselling author Tyler Cowen explains how this phenomenon emerged- High earners are taking ever more advantage of machine intelligence in data analysis in all its guises and achieving ever-better results. Meanwhile, low earners who haven't committed to learning, to making the most of new technologies, have poor prospects. Nearly every business sector relies less and less on manual labor for high-value jobs, and this fact is forever changing the world of work and wages. About three-quarters of the jobs created in the United States since the great recession pay $13.52 an hour or less. There is no longer a steady, secure life somewhere in the middle-average is over.
With The Great Stagnation , Cowen explained why median wages stagnated over the last four decades; in Average Is Over he reveals what the new features of this economy mean for taxes (they will go up for higher earners), government spending (Medicaid will become stingier), employee benefits (health-care insurance premiums will continue to go up), debt (it will be reduced by spending less money on junk and wasteful consumption), and education (students will not be well served by one system). Most importantly, Cowen identifies the best path forward for workers and entrepreneurs and provides readers with a road map to a new economic landscape.
Cowen's message is challenging and sober but ultimately exciting and even inspiring. In debates about our nation's economic future, the fact that average is over will be impossible to ignore. And Cowen's acute vision frames the opportunity for us all.
Praise for Tyler Cowen and The Great Stagnation
'An economist who is a wonderfully entertaining writer but also a deeply humane thinker.' James Surowiecki, Author of The Wisdom of Crowds
'Ventures where few economists have gone before.' Hugo Lindgren, New York
'Tyler Cowen may very well turn out to be this decade's Thomas Friedman.' Kelly Evans, The Wall Street Journal
'The Great Stagnation is one of the most talked-about books among economists right now.' Renee Montagne, Morning Edition, NPR
'Cowen's book . . . will have a profound impact on the way people think about the last thirty years.' Ryan Avent, The Economist
'The new 'it' book in Washington.' Brink Lindsey, Forbes
'The most debated nonfiction book so far this year.' David Brooks, The New York Times