Publications

Public Policy Brief No. 41 | July 1998

Side Effects of Progress

How Technological Change Increases the Duration of Unemployment

Why does a dynamic growing economy have a persistent long-term unemployment problem? Research Associates Baumol and Wolff have isolated one cause. Although technological change, the engine of growth and economic progress, may not affect or may even increase the total number of jobs available, the fact that it creates a demand for new skills and makes other skills obsolete can cause an increase in the overall rate of unemployment and the length of time during which an unemployed worker is between jobs. It goes without saying that society will not choose to slow technical innovation, but the task for policy is to find ways to offset the problems caused by this rising level and duration of unemployment.


Publication Highlight

Testimony
Statement of Senior Scholar L. Randall Wray to the House Budget Committee, US House of Representatives
Reexamining the Economic Costs of Debt
Author(s): L. Randall Wray, Yeva Nersisyan
November 2019

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