January 18th, 2011
New York Times: Four commentaries by leading economists discuss why unemployment remains a problem and may well remain a problem for much of the current decade. The most optimistic mention of recovery to normal employment mentions the year 2015, but that possibility is then qualified as "very optimistic". Follow up:
The essayists and the focus of each:
- Tyler Cowen and Jayme Lemke - Some jobs simply aren't needed any more.
- Laura Tyson - The problem is that demand is weak.
- Mark Thoma - Technology is displacing jobs.
- Simon Johnson - Optimizing corporate profits is not the same as creating jobs.
The most pervasive theme in this discussion is the structural changes in the economy and therefore the structural nature of much of the unemployment and under employment. Read more at The New York Times.....