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  • Describe the current United States' workforce and the trend of polarization
  • Explain how women and immigrants have impacted the modern American workforce
  • Understand the basic elements of poverty in the US today
A group of people at a job fair are shown here.
Many people attend job fairs looking for their first job or for a better one. (Photo courtesy of Daniel Ramirez/flickr)

The American Dream has always been based on opportunity. There is a great deal of mythologizing about the energetic upstart who can climb to success based on hard work alone. Common wisdom states that if you study hard, develop good work habits, and graduate high school or, even better, college, then you'll have the opportunity to land a good job. That has long been seen as the key to a successful life. And although the reality has always been more complex than suggested by the myth, the worldwide recession that began in 2008 has made it harder than ever to play by the rules and win the game. The data are grim: From December 2007 through March 2010, 8.2 million workers in the United States lost their jobs, and the unemployment rate grew to almost 10 percent nationally, with some states showing much higher rates (Autor 2010). Times are very challenging for those in the workforce. For those looking to finish their schooling, often with enormous student-debt burdens, it is not just challenging—it is terrifying.

So where did all the jobs go? Will any of them be coming back, and if not, what new ones will there be? How do you find and keep a good job now? These are the kinds of questions people are currently asking about the job market in the United States.

Real money, virtual worlds

The cover of the video game World of Warcraft, including a green, fanged ogre, is shown here.
In a virtual world, living the good life still costs real money. (Photo courtesy of Juan Pablo Amo/flickr)

If you are not one of the tens of millions gamers who enjoy World of Warcraft or other online virtual world games, you might not even know what MMORPG stands for. But if you made a living playing MMORPGs, as a growing number of enterprising gamers do, then massive multiplayer online role-playing games might matter a bit more. According to an article in Forbes magazine, the online world of gaming has been yielding very real profits for entrepreneurs who are able to buy, sell, and manage online real estate, currency, and more for cash (Holland and Ewalt 2006). If it seems strange that people would pay real money for imaginary goods, consider that for serious gamers the online world is of equal importance to the real one.

These entrepreneurs can sell items because the gaming sites have introduced scarcity into the virtual worlds. The game makers have realized that MMORPGs lack tension without a level of scarcity for needed resources or highly desired items. In other words, if anyone can have a palace or a vault full of wealth, then what’s the fun?

So how does it work? One of the easiest ways to make such a living is called gold farming, which involves hours of repetitive and boring play, hunting and shooting animals like dragons that carry a lot of wealth. This virtual wealth can be sold on eBay for real money: a timesaver for players who don’t want to waste their playing time on boring pursuits. Players in parts of Asia engage in gold farming, playing eight hours a day or more, to sell their gold to players in Western Europe or North America. From virtual prostitutes to power levelers (people who play the game logged in as you so your characters get the wealth and power), to architects, merchants, and even beggars, online players can offer to sell any service or product that others want to buy. Whether buying a magic carpet in World of Warcraft or a stainless-steel kitchen appliance in Second Life, gamers have the same desire to acquire as the rest of us—never mind that their items are virtual. Once a gamer creates the code for an item, she can sell it again and again, for real money. And finally, you can sell yourself. According to Forbes , a University of Virginia computer science student sold his World of Warcraft character on eBay for $1,200, due to the high levels of powers and skills it had gained (Holland and Ewalt 2006).

So should you quit your day job to make a killing in online games? Probably not. Those who work hard might eke out a decent living, but for most people, grabbing up land that doesn’t really exist or selling your body in animated action scenes is probably not the best opportunity. Still, for some, it offers the ultimate in work-from-home flexibility, even if that home is a mountain cave in a virtual world.

Questions & Answers

it is the relatively stable flow of income
Chidubem Reply
what is circular flow of income
Divine Reply
branches of macroeconomics
SHEDRACK Reply
what is Flexible exchang rate?
poudel Reply
is gdp a reliable measurement of wealth
Atega Reply
introduction to econometrics
Husseini Reply
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Jahara
Good morning
Jorge
hi
abubakar
hi
Nmesoma
hi
Mahesh
Hi
Tom
Why is unemployment rate never zero at full employment?
Priyanka Reply
bcoz of existence of frictional unemployment in our economy.
Umashankar
what is flexible exchang rate?
poudel
due to existence of the pple with disabilities
Abdulraufu
the demand of a good rises, causing the demand for another good to fall
Rushawn Reply
is it possible to leave every good at the same level
Joseph
I don't think so. because check it, if the demand for chicken increases, people will no longer consume fish like they used to causing a fall in the demand for fish
Anuolu
is not really possible to let the value of a goods to be same at the same time.....
Salome
Suppose the inflation rate is 6%, does it mean that all the goods you purchase will cost 6% more than previous year? Provide with reasoning.
Geetha Reply
Not necessarily. To measure the inflation rate economists normally use an averaged price index of a basket of certain goods. So if you purchase goods included in the basket, you will notice that you pay 6% more, otherwise not necessarily.
Waeth
discus major problems of macroeconomics
Alii Reply
what is the problem of macroeconomics
Yoal
Economic growth Stable prices and low unemployment
Ephraim
explain inflationcause and itis degre
Miresa Reply
what is inflation
Getu
increase in general price levels
WEETO
Good day How do I calculate this question: C= 100+5yd G= 2000 T= 2000 I(planned)=200. Suppose the actual output is 3000. What is the level of planned expenditures at this level of output?
Chisomo Reply
how to calculate actual output?
Chisomo
how to calculate the equilibrium income
Beshir
Criteria for determining money supply
Thapase Reply
who we can define macroeconomics in one line
Muhammad
Aggregate demand
Mohammed
C=k100 +9y and i=k50.calculate the equilibrium level of output
Mercy Reply
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Amisha
money as unit of account means what?
Kalombe
A unit of account is something that can be used to value goods and services and make calculations
Jim
all of you please speak in English I can't understand you're language
Muhammad
I want to know how can we define macroeconomics in one line
Muhammad
it must be .9 or 0.9 no Mpc is greater than 1 Y=100+.9Y+50 Y-.9Y=150 0.1Y/0.1=150/0.1 Y=1500
Kalombe
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Kalombe
hi can someone help me on this question If a negative shocks shifts the IS curve to the left, what type of policy do you suggest so as to stabilize the level of output? discuss your answer using appropriate graph.
Galge Reply
if interest rate is increased this will will reduce the level of income shifting the curve to the left ◀️
Kalombe
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Source:  OpenStax, Introduction to sociology. OpenStax CNX. Jun 12, 2012 Download for free at https://legacy.cnx.org/content/col11407/1.7
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