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A week and a half ago, I admitted I didn’t understand the fascination with reviving U.S. manufacturing. Apparently, however, mainstream economists have come up with a new plan to boost the production of goods “made in America,” which will help U.S. industrialists compete on the global stage. After conducting an in-depth analysis of the nation’s […]

I don’t get it. Why is “making things in America” such a high priority? The fact is, manufacturing, as a share of GDP, has declined in the United States and in the world as a whole. And even as the value of the dollar declines and U.S. manufacturing output recovers, it’s not going to generate […]

Special mention  

Treasury Secretary Steve Mnuchin may not be worried. Nor, it seems, are other members of the economic and political elite. But the rest of us are—or we should be. As regular readers of this blog know (cf. all these posts), the robots are here and they’re rapidly replacing workers, thus leading to less employment, downward pressure […]

Both Peter Temin and I are concerned about the vanishing middle-class and the desperate plight of most American workers. We even use similar statistics, such as the growing gap between productivity and workers’ wages and the share of income captured by the top 1 percent.   And, as it turns out, both of us have invoked Arthur […]

It’s obvious to anyone who looks at the numbers that the wage share of national income is historically low. And it’s been falling for decades now, since 1970. Before that, during the short Golden Age of U.S. capitalism, the presumption was that the share of national income going to labor was and would remain relatively […]

It’s true (as I have argued many times on this blog), the number of U.S. manufacturing jobs has been declining for decades now—and they’re not coming back. Instead, they’ve been replaced (as is clear in the chart above) by service-sector jobs. source And, not surprisingly, most new jobs (during the past year, as in recent decades) have […]

Donald Trump promised to bring back “good” manufacturing jobs to American workers. So did Hillary Clinton. Both, as I argued back in December, were wrong. What neither candidate was willing to acknowledge is that, while manufacturing output was already on the rebound after the Great Recession, the jobs weren’t going to come back. They were […]

Actually, robots do kill people. A 21 year old external contractor was installing the robot together with a colleague when he was struck in the chest by the robot and pressed against a metal plate. He later died of his injuries, reports Chris Bryant, the FT’s Frankfurt correspondent. While we certainly need to be aware […]

Now that President Trump has begun carrying out his campaign pledges to undo America’s trade ties, formally withdrawing the United States from the Trans-Pacific Partnership and announcing he will start to renegotiate the North American Free Trade Agreement, it’s time to analyze what this means. As it turns out, I’d already started to do this before the election, with […]