The Economy and Jobs

A panel of economists discussed connections between the economy and unemployment. Greg Mankiw of the President’s Council of economic advisors, spoke about the relationship between unemployment and the growth of the Gross Domestic Product and productivity. He went on to explore the connections between growing productivity and standards of living and how these connections have been demonstrated in the U.S. economy over the last few years. Erica Groshen of the Federal Reserve Bank, discussed her research efforts into employment and growth during the recent recession, as well as underlying structural changes that have shaped unemployment and growth during the same period. Zanny Minton Beddoes of The Economist, spoke about outsourcing, and compared public perception of the issue to the perception of outsourcing among economists. She attributed the “jobless recovery” to rapid increases in productivity, but acknowledged that such an explanation is, “for ordinary Americans, unsatisfactory.” F close