Fri, 12 Mar 2004

Gregory Mankiw, III

A reader relates the following story. I don't argue from anecdotal evidence because you can always find an opposing anecdote. Still, it's always nice to hear that the theory can work in practice, because if the theory never works, the theory is definitely wrong.

I was a project manager with [computer hardware company] in 1989 and quit my job to pursuit a career in Financial Services. My salary was roughly around 52K at the time I quit. I made on my own for a while then through a series of mistakes; I ran into trouble so I had to close my shop and try to come back my old career in late 2000. Talking about 11 years in dormant and I almost forgot everything from electronic, computers and programming which I was damn good before. No one would hired me because I was either too "obsolete" or whatever the excuse they could give me. I figured perhaps in my resume I could put down a minimum hourly wage so everyone knows that they can get me cheap to give me a try. I put down exactly $12/hr which is equivalent hourly wage of a "dumb" technician doing nothing but following the order of the engineer. There is no way an honest employer could not want to take a look at me and I got quite a few offers even in late 2000, jobs are hard to get after the dot.com bubble. I took the offer of a company is closest to my home, 7 miles one way, in road. Not bad for California work environment when people spend minimum hour one way to work. Within one month, they raised my salary about 4 times big time, put me back doing things which I was and am still good at it. There's your living proof of "unemployment is another word for inability to find a job for a wage of their choosing".

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