Based on several leading economic indicators, most notably rates of employment in the labor force among less skilled men, residents of rural America are much further behind their urban counterparts today than they were fifty years ago. In order to stimulate employment in rural areas, I propose a two-fold strategy of bringing “people to […]
Career and technical education (CTE) is widely viewed as an important alternative to traditional four-year colleges, a means of increasing the earnings of U.S.workers, and an effective response to the changing skill requirements of U.S. employers. While abundant evidence confirms that CTE offerings at public institutions can increase the earnings and employment rates of […]
Overview: There is growing concern that current US transfer and social welfare programs are ill-equipped to address widening income inequality, stagnant income growth, declining economic mobility, and the negative impact of automation. This has led to a renewed debate over the merits of a Universal Basic Income (UBI) program and its capacity to address these […]
Much of the public debate in recent years suggests that wages are not primarily determined by productivity. Indeed, the argument that the link between compensation and productivity has been effectively severed is commonly made. In this paper, I first discuss the wage-setting process and the conceptual issues that are of critical importance to any […]
Overview: Measures of market concentration in many U.S. industries have been rising for nearly four decades. Since the early 2000s, these trends have coincided with a falling labor share of income, declining private investment, and rising corporate profit rates and markups (the difference between price and marginal cost). Philippon argues these patterns are unique to […]
Over the course of the past year, the Aspen Economic Strategy Group collected policy ideas to address the barriers to broad-based economic opportunity and identified concrete proposals with bipartisan appeal.
Economic and technological change has made lifelong learning more important than ever and partly explains the rise of online education, the flexibility of which appeals to mid-career Americans. Most existing online education appears to result, however, in poor learning and labor market outcomes. Promising models of low- cost, high-quality online education are only now […]