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Machines are substituting for more types of human labor than ever before. This means that the real winners of the future will be neither the providers of cheap labor nor the owners of ordinary capital, but rather those who can innovate and create new products, services, and business models.
An interview with the Nobel Prize-winning economist Michael Spence.
Is globalization to blame for rising unemployment and income inequality in the United States? Richard Katz and Robert Lawrence argue that other factors are at fault. Perhaps, says Michael Spence -- but the overarching effects of globalization cannot be denied.
Jobs growth was slow in May, renewing pessimism about the U.S. economy. Spence, a Nobel Prize-winning economist writes that economic growth and employment in the United States have started to diverge, increasing income inequality and reducing jobs for less-educated workers.