productivity

US Manufacturing produces everything. . . but jobs

US Manufacturing produces everything. . . but jobs

This according to a recent report from the New York Times: “Even though the U.S. is more competitive globally, manufacturing doesn’t give you the kind of direct job creation it did in years past,” said Joseph G. Carson, director of global economic research at AllianceBernstein, a Wall Street investment firm. “At the end of the […]

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“Insourcing” is Reviving US Manufacturing

“Insourcing” is Reviving US Manufacturing

That’s the claim that Charles Fishman is making in the most recent Atlantic.  He lists a number of contributing factors: Oil prices are three times what they were in 2000, making cargo-ship fuel much more expensive now than it was then. The natural-gas boom in the U.S. has dramatically lowered the cost for running something […]

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Will Big Data, Better Sensors & the “Industrial Internet” save our economy?

Will Big Data, Better Sensors & the “Industrial Internet” save our economy?

In the past, we’ve highlighted Robert Gordon’s theories that there is little reason to expect much productivity growth in the future from advanced economies, raising the prospects of decades of stagnation.  In a post at VoxEu, GE economist Marco Annunziata takes exception: The declining cost of [digital] instrumentation is beginning to enable a much wider […]

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Will Our Shrinking Workforce be a Bottleneck for Long-Term Economic Growth?

Will Our Shrinking Workforce be a Bottleneck for Long-Term Economic Growth?

A recent article in the Wall Street Journal describes the long-term decline in the size of the US workforce and its implications for long-term growth. [Sweeping] demographic and societal changes were driving down the participation rate long before the recession took hold. Young people are starting work later as more of them go to college. […]

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Robert Gordon Redux:  Hard Times Come Again?

Robert Gordon Redux: Hard Times Come Again?

Over at Economic Principals, David Warsh weighs in on Robert Gordon’s theory that the era of growth may be over for advanced economies.  His conclusion is not exactly reassuring: . . . . Gordon raises the specter of those four centuries of negligible growth that unwound before the first industrial revolution rescued Great Britain from […]

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Is the US becoming an economic backwater?

Is the US becoming an economic backwater?

That is the question raised by the research of Northwestern University economist Robert Gordon.  He argues that long-term trends indicate that the US economy has already seen a significant drop in productivity growth over the last 40 years, and that this may only be a harbinger of a complete halt to productivity growth: The analysis […]

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