Updates / The Knowledge Economy

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By / 2.16.2018

Overall, 2017 was still a weak year for wage growth. In the private sector, real hourly wages for production and nonsupervisory workers rose only 0.2% in 2017, the slowest rate since 2012. However, production and nonsupervisory workers did do significantly better in some industries. The table below lists the top 2017 increases in real hourly […]

By / 2.13.2018

In light of the FTC confirmation hearings tomorrow, we’ve been thinking about competition policy. We would like to propose a different approach to competition policy, one that goes far beyond Chicago-style antitrust analysis. There’s little doubt that recent research has conclusively demonstrated increased concentration across almost every sector of the US economy over the past […]

By / 2.2.2018

In this note we summarize the growth in ecommerce jobs in 2017, based on the methodology described in our September 2017 report,  “How Ecommerce Creates Jobs and Reduces Income Inequality.” We find that the number of ecommerce jobs rose by 133K in 2017, with half of that amount coming from the growth of ecommerce fulfillment […]

By / 2.1.2018

Amazon is the fastest US company–and perhaps the fastest company anywhere–to 300,000 workers. Its rapid expansion is creating tech-enabled work in virtually every corner of the country, with our estimates showing that fulfillment center jobs pay 31% more, on average, than brick-and-mortar retail jobs in the same area. Now, there are all sorts of interesting […]

By / 1.4.2018

Report uses Upstate New York as case study for potential economic boon from ‘Internet of Goods’ WASHINGTON —The Progressive Policy Institute (PPI) today released a new report by Chief Economic Strategist Michael Mandel highlighting how the next wave of digitally-driven manufacturing – an essential part of what he calls the “Internet of Goods” – has […]

By / 1.3.2018

Tech and tech-enabled jobs are becoming increasingly important to many state economies–not just the tech hubs like California and Texas.  Particularly important is the role of ecommerce, which is driving the creation of hundreds of thousands of tech-enabled electronic shopping and fulfillment center jobs around the country (for example, see here).  Going forward, we expect […]

By / 10.23.2017

Tomorrow (October 24th), the Bureau of Labor Statistics will release the latest version of their ten-year employment projections.  They will likely project job growth of roughly ten million jobs over the next ten years. Generally what gets the most attention is the BLS list of the fastest growing occupations, and those are certainly interesting.  But […]

By / 10.15.2017

With the publication of my WSJ op-ed, “Get Ready for the Internet of Goods,” it’s time to update our  ecommerce analysis for the third quarter. Rather than reaching back to 2007, as previously,  I want to focus on a more recent period. First, take a look at the chart below, which graphs the full-time equivalent […]

By / 9.8.2017

Based on newly revised Bureau of Economic Analysis data, we find that rising labor compensation for health care workers accounted for $55 billion, or 40%, of the increase in personal health care spending in 2016. By comparison, in May, 2017, we calculated that pharmaceuticals accounted for only $15 billion, or 11% of the rise in personal health care […]

By / 9.6.2017

Kodak is regularly held up as an example of how a “real” innovation company behaves. For example, a recent New York Times story compared Apple unfavorably to Kodak, saying. “Think about the contrast between George Eastman, who pioneered fundamental innovations in photography, and Steve Jobs,” Mr. Summers wrote in 2014. “While Eastman’s innovations and their […]