The Global Jobs Challenge

Project Syndicate had a piece on the jobs and the future of the global economy. With the growing population, the world economy has seen hundreds of millions of new workers enter the global economy just in the past three decades. Most of this is from investments in human capital. Though this fact brings growth in income levels, new opportunities, and expand the global economy, it also has downsides as well. For instance, the article notes that there is a challenge for advanced and developing countries to have the new entrants in the labor force match the skills of and capabilities of new and existing technologies; the article notes this as an "disequilibrium". Like we learned in class, the article states the adjustment to technologies as a lagging indicator to structural change. It its further up to the institutions to provide new and efficient policies to help new entrants in the labor market to adapt to the structural change.

http://www.project-syndicate.org/commentary/spence28/English