Byron Auguste

This essay was produced as part of New America’s annual conference, "Exploring New America: What Drives Innovation Around the Country," held in Washington, D.C.

With 40 million workers unemployed in the world’s most developed economies, many look to revival in the labor market. The McKinsey Global Institute cautions that progress will not come immediately and points to five factors trends that are stumbling blocks to reducing unemployment: Technology is lowering the need for production and routine transaction workers. Employers cannot fill positions because workers are not trained in needed skills. Jobs are available in regions where workers are not… Show more

With 40 million workers unemployed in the world’s most developed economies, many look to revival in the labor market. The McKinsey Global Institute cautions that progress will not come immediately and points to five factors trends that are stumbling blocks to reducing unemployment: Technology is lowering the need for production and routine transaction workers. Employers cannot fill positions because workers are not trained in needed skills. Jobs are available in regions where workers are not plentiful and workers populate areas where jobs are scarce. Age, child care and lack of experience hamper some workers, including the young, those older than 55 and parents. Finally, declining income for low-income households and wage inequality influences living standards and social stability, all of which affect job creation. The report advises on steps that government, companies and job hunters can take on education, critical thinking and innovation. Show less

The United States faces a daunting challenge. At current rates of job creation, it will take until sometime in 2016 simply to get back to the level of employment before the recession. To actually regain full employment – finding work for the currently unemployed and accommodate 15 million entrants into the labor force this decade – the US economy will need to create 21 million jobs by 2020. Only under an optimistic scenario of job growth can this occur, according to this new report by the… Show more

The United States faces a daunting challenge. At current rates of job creation, it will take until sometime in 2016 simply to get back to the level of employment before the recession. To actually regain full employment – finding work for the currently unemployed and accommodate 15 million entrants into the labor force this decade – the US economy will need to create 21 million jobs by 2020. Only under an optimistic scenario of job growth can this occur, according to this new report by the McKinsey Global Institute. It sheds new light on how companies use labor, where new jobs are likely to come from, and what conditions are needed to ensure robust and sustainable job creation. In addition to original research and scenario analysis, the report draws on interviews with human resources executives of major corporations and a survey of 2,000 business leaders. Show less

Growth and renewal in the United States: Retooling America's economic engine examines America's growth challenge and explains why productivity is such an imperative for rising living standards and national competitiveness. It also dispels some of the myths about productivity, including the notion that there is a necessary trade-off between productivity and jobs. And while some economists suggest that economic growth and technological innovation in the United States have reached a plateau, the… Show more

Growth and renewal in the United States: Retooling America's economic engine examines America's growth challenge and explains why productivity is such an imperative for rising living standards and national competitiveness. It also dispels some of the myths about productivity, including the notion that there is a necessary trade-off between productivity and jobs. And while some economists suggest that economic growth and technological innovation in the United States have reached a plateau, the McKinsey Global Institute's analysis suggests otherwise. There are enough opportunities to apply best practice across the economy and tap the next wave of innovation to achieve the broad-based productivity acceleration necessary to match, and even surpass, historic GDP growth rates. Finally, the research outlines a seven-point agenda for government and business to address economy-wide issues that today hinder US productivity and growth. Show less

Growth and renewal in the United States: Retooling America's economic engine examines America's growth challenge and explains why productivity is such an imperative for rising living standards and national competitiveness. It also dispels some of the myths about productivity, including the notion that there is a necessary trade-off between productivity and jobs. And while some economists suggest that economic growth and technological innovation in the United States have reached a plateau, the… Show more

Growth and renewal in the United States: Retooling America's economic engine examines America's growth challenge and explains why productivity is such an imperative for rising living standards and national competitiveness. It also dispels some of the myths about productivity, including the notion that there is a necessary trade-off between productivity and jobs. And while some economists suggest that economic growth and technological innovation in the United States have reached a plateau, the McKinsey Global Institute's analysis suggests otherwise. There are enough opportunities to apply best practice across the economy and tap the next wave of innovation to achieve the broad-based productivity acceleration necessary to match, and even surpass, historic GDP growth rates. Finally, the research outlines a seven-point agenda for government and business to address economy-wide issues that today hinder US productivity and growth. Show less

International payments unions and clearing houses have been employed by 88 countries in Europe, Asia, Africa, Latin America, and the Caribbean to liberalise regional trade and payments during the past 50 years. Yet, their impact on participating countries has not been well understood. When the republics of the former Soviet Union were deciding on new monetary regimes, many economists proposed a payments union but could not estimate its potential benefits or risks. This book presents the first… Show more

International payments unions and clearing houses have been employed by 88 countries in Europe, Asia, Africa, Latin America, and the Caribbean to liberalise regional trade and payments during the past 50 years. Yet, their impact on participating countries has not been well understood. When the republics of the former Soviet Union were deciding on new monetary regimes, many economists proposed a payments union but could not estimate its potential benefits or risks. This book presents the first fully articulated theory of international payments unions and clearing houses in order to answer the questions: When should a country choose to participate in a payments union? What benefits and costs have actually resulted from existing and past clearing houses? When should countries in a clearing house seek to form a payments union? Show less