SKILLS THAT PAY:The Returns from Specific Skills as Demanded in Job Adverts

It also resulted in the replacement of humans in jobs that were easily codified because they largely consisted of routine tasks, e.g., tasks that are repetitive in nature, and caused a large reduction in jobs in the middle of the income distribution, mainly in the manufacturing sector.2 1 See Figure 2 for definitions of the different industrial revolutions. [...] In their 2022 study, Cecily Josten and Grace Lordan analyzed patents in detail to determine the skills of the future and concluded that “people” skills and abstract thinking skills were the most future-proof skills in terms of getting and keeping a job.3 The COVID-19 pandemic accelerated the Fourth Industrial Revolution through the development of technologies with the power to greatly shape the da. [...] Turning our attention to the interaction of skills, Figure 13 demonstrates the largest change observed from the first time period to the second is also the product of big data and cloud computing where previously such combined skills enjoyed a $13.66 premium in pay but faced a significant decrease in the recent period. [...] 47 Groupthink is the tendency of a group of likeminded individuals to reciprocate the opinion of others and of the individual not to challenge the group. [...] The rise and fall of the various well-known data science tools highlights the fact that the data science skill set evolves over time as new research and technologies become available and prominent in the field, complementing or replacing the existing tools.