Re: Uncle Miltie, he dead
On Nov 18, 2006, at 4:59 PM, tfast wrote:
Do you have a ref for that quote from Friedman it would be very
useful to me.
I assume you mean Greenspan. Google “Greenspan job skill obsolescence
site:federalreserve.gov” and you’ll get oodles of examples of him
using the phrase “job skill obsolescence” in proximity to fear.
Here’s a 1997 example
http://www.federalreserve.gov/BOARDDOCS/Testimony/1997/19970121.htm
“Thus, the willingness of workers to trade off smaller increases in
wages for greater job security seems to be reasonably well-documented
for this particular business-cycle expansion. The unanswered question
is why this insecurity has persisted even as the labor market has, by
all objective measures, tightened considerably. One possibility is
the ongoing concern of workers about job skill obsolescence. The
reality of this obsolescence is evidenced by the marked expansion of
on-the-job training programs, especially in technical areas, in many
of the nation’s corporations. No longer can one expect to obtain all
of one’s lifetime job skills with a high-school or college diploma.
Indeed, continuing adult education is perceived to be increasingly
necessary to retain a job.”