Newswise — Spring 2010 witnessed riots in Thailand. Spring 2011 gave way to revolutions toppling several Middle Eastern governments. And today, protests are spreading throughout the U.S. The reason? Economics.
At Binghamton University, a preeminent scholar in labor economics and conflict resolution, Solomon Polachek, is prepared to discuss the Wall Street protests and the reasons behind the unrest.
Polachek's prime research contributions span two areas: the application of life-cycle models to labor economics, and the integration of economics and political science to explain conflict and cooperation among nations:
"In Thailand, earnings distribution widened between urban inhabitants and the rural farm workforce. In the Middle East, college-educated youth found jobs less lucrative than the past. In the U.S., where as more high school graduates are going on to college, those same students are failing to graduate.
Couple this with poor work opportunities, even for the college-educated, and you get a situation where economic prospects are on the decline. Current employees earn 10-15 percent less than their parents. Further, rather than increasing wages and job opportunities, computer systems as well as other technologies have not instigated enough new industries to absorb an increased workforce.
The U.S. is losing its position as the world's economic engine. Per capita income in the U.S. compared to other countries is narrowing while the income distribution within the U.S. and other countries is increasing."
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