Inequality in employment, education and income has cost the US economy nearly $ 22.9 trillion ($ 2300 billion) over the past 30 years, which will increase as minorities expand..
The American newspaper “Fortune” announced a new study by economists, including Mary Daly, head of the Federal Reserve in San Francisco..
Opportunity to participate in the economy and succeed on the basis of skill and effort, economists wrote, “is the foundation of our nation and our economy”, but unfortunately, structural barriers continue to block this path for many Americans..
Because of this, the talents of millions of people are left underutilized or marginalized, resulting in less prosperity not only for the victims but for all, the research article says..
The paper, published by the Brookings Institution in the Brookings Brooks Papers, looks at how inequality in the economy has affected growth since the 1990s..
The authors of this article include Shelby Buckman of Stanford University, Laura Choi, Vice President of Community Development at the Federal Reserve Bank of San Francisco, and Lily Settleman of Boston University..
New research adds to the growing analysis of the impact of inequality in the United States last year, with economists Dana Peterson and Catherine finding that closing the deer breed gap could have brought in an additional $ 16 trillion to the U.S. economy since 2000..
Economists including William Darity, Lisa Cook and others have done extensive research to show the price of racism and how they are rooted in the labor market..
Economists in the Brookings Paper measure the price of inequality in continuous labor and employment indicators.
The average income of a black man was $ 8 less per hour than his white counterpart, the widening employment rate gap between black and white men since 1990 and the widening wage gap between black and white women contributing to potential economic productivity losses.
Teachers argue that getting an education is not a solution to inequality, and that white and Asian Americans are more likely to work in jobs that require the amount of education they have achieved than their Hispanic counterparts. Job that requires a lower degree than already achieved.
The authors write: “Persistent and significant differences in minority ethnic employment indicate significant amounts of unused human resources, even after adjusting educational achievement, which, if very evenly allocated, can improve overall output.”
They noted that future production would be further affected as the size of large minority groups such as Hispanics is expected to continue to grow..
As the population ratio of ethnic and ethnic minorities continues to increase, gains will only grow in the future.
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