With unemployment holding steadily at 9 percent and little sign of an upturn, it is hardly surprising that most Americans have a negative outlook on the state of the economy. According to a recent Associated Press poll, more than 7 in 10 Americans believe the country is heading in the wrong direction. Less than 40 percent of respondents feel that President Obama's jobs proposals will significantly raise the unemployment level from its current level.
Nobel Laureate and NYU Stern professor Michael Spence, author of author of The Next Convergence: The Future of Economic Growth in a Multispeed World, and The Economist's New York Bureau Chief Matthew Bishop discuss recent trends in the job market, both in the United States and around the world, the rapid growth in developing markets that are catching up with the industrialized West, and what the United States must do to remain competitive. They’ll also look at The Economist’s “Future of Jobs” report.
Michael Spence, winner of the Nobel Prize in Economic Sciences, discusses the economic growth that led to enormous gaps in wealth and living standards between the industrialized West and the rest of the world. In The Next Convergence: The Future of Economic Growth in a Multispeed World, looks at how this pattern shifted after World War II, and how that trend will reshape the world.