Should America Focus on Bringing Back Manufacturing Jobs?

bryceplattBlog, Business, Economics, MusingsLeave a Comment

During the past two decades the United States has lost about 5 million manufacturing jobs. There is an understandable nostalgia for “the good old days”, as those represent jobs with decent pay and benefits for workers without a college degree. Today, the average factory worker earns more than $25 an hour before overtime; the typical retail worker makes less than … Read More

Weak Overall Productivity Growth Hides Strong Growth in Advanced Industries

bryceplattBlog, Economics, MusingsLeave a Comment

If “advanced industries” are defined as the 50 most R&D- and STEM-worker intensive industries, there is a substantial differential, now exceeding 100%, between their productivity and that of “non-advanced industries”, as shown in the following graph: SOURCE: http://www.brookings.edu/blogs/the-avenue/posts/2016/07/21-productivity-gap-advanced-industries-muro The compound annual growth rate (CAGR) during the past 25 years (1980-2015) has been 2.7% for “advanced industries”, compared to 1.0% for … Read More