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We launched the taxicab queuing mannequin as a metaphor for the STEM labor market. Relying on the STEM job section, we are able to either have a queue of positions waiting to be crammed (cf. taxis) or a queue of STEM staff ready for jobs (cf. passengers). The characteristics of the queue rely upon different factors: the rate of job turnover (cf. taxi service price); the STEM employee arrival rate (cf. passenger arrival rate); the number of positions obtainable (cf. the number of taxis in the ultius review fleet); the situation of the job; the degree held by the worker (cf. type of taxi); and the employee’s citizenship status. The mannequin also highlights the probabilistic nature of the supply-and-demand market: random fluctuations can cause job segments that traditionally have a scarcity of employees to have a surplus, and vice versa. Although we currently lack the info to operationalize the mannequin, it presents a novel approach to characterizing the variation across STEM job segments.
As talked about above, I am reading Larry Swedroe’s new e book the place there is some good talk about human capital and asset allocation with regard to jobs which might be in more cyclical industries experiencing more layoffs than careers similar to tenured professors (tell that to the 25 who acquired layoff notices in 2018 at my former full time employer).
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