Friday, May 26, 2006

Economy in year you graduate strongly effects your income for life

From Marginal Revolution (surely the fastest moving blog on the net), I note Austan Goolsbee's new NYTimes article: the economic conditions at the time of your graduation from college have a huge impact on your life earning potential, and those who graduate in the middle of a recession never catch up to those who finish school five years later but during a healthy economy.

This probably doesn't apply to my college graduation---or even my graduate school graduation---since I've jumped ship to try out law school. Now, what matters are the economic conditions in the spring of 2008. Anybody know what the history of end-of-presidential-term economies is? Where are we on the Kitchen and Juglar cycles? If I'm going to buy Mrs. Strasburg that huge diamond ring I know it'll take to overcome women's natural aversion to my very person, I'm going to need boom times.

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