Entrance to the Labor Market. Or: the Virtue of Luck

Nobody has much control over when they are born. Still, there are a couple of big switches one can throw with regard to when you enter the job market: decide to drop out of secondary school, decide to go to college, decide to seek a professional degree, pop out some babies, etc... but you still can't do much to predict ahead of time that you'll be job-hunting in a wrecked economy.

And it turns out that matters quite a bit. The entire track of your life can be changed, as these economists see just by looking at lifetime earnings.

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