Prompted by The Masters golf tournament, Justin Fox has an interesting analysis of the comparative wages of golf caddies and skilled manual workers in the US. His conclusion is that, while it used to be just about as rewarding to work in a factory as to caddy for a tournament player, those days are long gone.
Of course, the caddy-plant operator wage disparity is a microcosm of a broader truth about western economies – that it is very hard for a high school-educated man to get a well-paid job these days. A lot of the economic strains in advanced industrialised societies are caused by this fact. Read more