Touring the Modern Economy Through the Generations

Abstract

In a time of comprehensive labor market disruption, no one needs to be reminded that jobs and their respective incomes are always changing in the modern economy. In this tour, we dive into how the occupations of yesterday have changed with each generation. By exploring this transformation, we may be able to uncover trends that will better prepare us for the unpredictable labor force of tomorrow. Each section, noted by a larger font, the name of the generation in question, and a Roman numeral, will take on a different generation and investigate some of the key features of its respective economy. The fourth section is dedicated entirely to the Great Recession as it is the latest paradigm shifter in the modern economy and the reason for much of the millennial generation’s perceived outlook on the economy. Additionally, each section can be read as a standalone piece, though the transitions through the paper attempt to be quite natural. This paper includes rigorous research on the key aspects of the time periods but is written in an easy-read format, approachable, and digestible for non-academics.