Introduction: The Need to Expand Economic Opportunity
The pursuit of economic opportunity for all Americans is as important to the health of the country’s economy as it is to the strength of its democracy. The promise that hard work and determination will yield economic success is a central American ideal, but it has been called into question as secular economic forces and institutional changes have reshaped the American economy and had an uneven impact on Americans’ ability to prosper.
The Link Between Wages and Productivity Is Strong
In this chapter, author Michael R. Strain first discusses the wage-setting process and the conceptual issues that are of critical importance to any empirical investigation of the link between compensation and productivity. He then highlights some recent evidence suggesting that, contrary to the current narrative in some policy circles, the link between productivity and wages is strong.
Aspen Economic Strategy Group welcomes seven new members
New members replace outgoing Biden-Harris administration appointees and include Atlanta Fed President & CEO Raphael Bostic and former U.S. Treasury Secretary Jacob Lew.
AESG Member Statement: A Call for US Leadership on Global Vaccination Efforts
The United States government should take up a position of world leadership on ending the global COVID-19 pandemic through vaccine outreach to the world. Such an effort would serve a clear humanitarian purpose. It would represent forward defense of our security interests by slowing the virus’s rate of mutation. No other action would so clearly ...
In Brief: The Recent Rise in US Labor Productivity
BRIEFLY US labor productivity has enjoyed a period of renewed growth over the past year, interrupting a nearly twenty-year decline: the 2.7 percent productivity growth in 2023 outpaces the 1.5 percent annual average since 2004, and it nearly matches the 2.9 percent pace seen during the country’s last productivity surge in the 1990s. While the ...
Michael R. Strain
MICHAEL R. STRAIN is Director of Economic Policy Studies and Arthur F. Burns Scholar in Political Economy at the American Enterprise Institute. An economist, Dr. Strain’s research and writing is in a wide range of areas, including labor markets, public finance, social policy, and macroeconomics. He has published over 40 articles in academic and policy ...