A couple of years ago, McKinsey, the global management consulting firm, launched a new website called What Matters. It asks a big question and invites a wide array of people to write essays giving their points of view on the topic. In 2009, for example, What Matters addressed Innovation, and asked, Where will the world’s primary centers of innovation be? I was invited to participate and contributed an essay, “What’s Next in the Knowledge Economy?”
Earlier this year I was once more invited to contribute an essay on the topic of Growth and Productivity, focused on the question: Has the US passed peak productivity growth? I wrote “The next golden age of innovation”, which was posted last month.
A number of eminent economists also contributed essays on Growth and Productivity. I was truly humbled to have my essay posted alongside theirs.
Two of the essays in the section revolve around recent work by Michael Spence to try to understand the reasons for the current jobless recovery in the US economy, a fairly unique situation where business conditions have significantly improved while unemployment remains high. Professor Spence is the recipient of the 2001 Nobel Prize in economics. He is currently in the faculty at NYU’s Stern School of Business, as well as professor and dean emeritus of the Stanford Graduate School of Business.