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Why STEM may not pay in the long run

Science, technology, engineering and math or STEM degrees are highly coveted partly because they earn high returns in the job market.

Using detailed online job vacancy data collected between 2007 and 2017, the authors show that jobs requiring STEM skills change very quickly.

For instance, Deming and Noray find that the share of STEM vacancies requiring skills related to machine learning and artificial intelligence increased by 460% between 2007 and 2017.

Jobs where the required skills change rapidly, may have high wages initially but they stagnate as new skills are required and the skills of older cohorts become obsolete.