The question of who will replace outgoing Federal Reserve Chairman Ben Bernanke is important, not simply because the Fed plays a central role in monetary policy and banking system oversight, but because of policymakers’ reliance on the chair as a sage voice on broader economic policy.
Technology does not Eliminate Jobs, it Creates Them
Virtually all the scholarly economic research on the question of jobs and productivity finds that higher productivity does not lead to fewer jobs. Higher productivity makes products or services cheaper and consumers then are able to use those savings to buy other goods and services, helping create jobs. In many cases the cause of stagnant growth is too little, not too much, technology and automation, which makes industries less competitive in global markets, leading to job loss, less spending and investment, and a vicious cycle of stagnation.
Scientific Researchers at Asian Universities Attracting More Industry Funding than American Counterparts
A report released last week by Times Higher Education, the World Academic Summit Innovation Index, finds that university scientific researchers from many Asian nations—including Korea, Singapore, Taiwan, and China—are attracting substantially more industry funding per researcher than their American counterparts. What makes this all the more striking is that American researchers tend to cost more than their Korean counterparts, and yet the latter still receive more funding.
Competitiveness, Innovation and Productivity: Clearing Up The Confusion
To listen to many economists, pundits and policymakers discuss the economics of growth it would be easy to be confused by the commonly used terms: competitiveness, innovation and productivity. These terms are often used almost interchangeably and with little precise meaning. To remedy the situation, this policy memo defines these terms and explains how each is important in driving economic prosperity.