Graphs like these serve to suggest to people that there's a single, operative reason at their core instead of it being a complex, multivariate issue.
They also tend to cause people to over-attribute the effects of the story told in the graph(s) to the majority of the population instead of a minority with disproportionate impact.
Regardless, taken together the graphs are compelling. The real cause will likely remain forever elusive, but here's a few hypotheses.
* The rise of globalisation and the outsourcing of low skilled jobs to other countries.
* The abandonment of the gold standard.
* The oil crisis.
* The disarmament of labor union power.
* The concentration of a highly educated 'creative class' in fewer urban areas.
* Women entering the work force en masse.
I came to this conclusion as well as it seems like a lot of extremely pivotal economic events took place around 1971. It was basically the year the modern economy was born.
They also tend to cause people to over-attribute the effects of the story told in the graph(s) to the majority of the population instead of a minority with disproportionate impact.
Regardless, taken together the graphs are compelling. The real cause will likely remain forever elusive, but here's a few hypotheses. * The rise of globalisation and the outsourcing of low skilled jobs to other countries. * The abandonment of the gold standard. * The oil crisis. * The disarmament of labor union power. * The concentration of a highly educated 'creative class' in fewer urban areas. * Women entering the work force en masse.