as the good middle-class jobs-requiring a moderate level of skills, like autoworkers' jobs-seemed to be disappearing relative to those at the bottom, requiring few skills, and those at the top, requiring greater skill levels. Economists refer to this as the polarization of the labor force.
In "The Price of Inequality," Joseph E. Stiglitz discusses the concerning trend of job polarization in the labor market. He highlights how jobs that once provided stable middle-class incomes, such as those for autoworkers, are diminishing in number. This trend leaves a workforce increasingly bifurcated, with one segment holding low-skilled jobs that offer little stability and another enjoying high-skilled positions that require advanced qualifications.
This polarization presents significant challenges for society, as the shrinking middle class may lead to greater economic inequality and social stratification. Stiglitz's analysis underlines the urgent need to address these disparities in order to ensure a more equitable and sustainable future for the economy.
