Technology, Unemployment and Workforce Development in a Rapidly Changing World

Jeffrey Lacker

Speech from Federal Reserve Bank of Richmond

Abstract: The rise in long-term unemployment is partly due to long-term structural changes in the economy that have resulted in some “skills mismatch” between what employers want and what the unemployed can offer. Long-term investment in education and job training is likely to yield greater benefits for both workers and the economy as a whole than short-term efforts to stimulate the economy. Making early childhood education affordable and widely available appears to be an effective way to increase skill attainment over a person’s lifetime. The benefits of federally supported, large-scale job training programs are less clear than those of demand-driven programs, often conducted by community colleges in association with local nonprofit organizations and businesses.

Keywords: employment; and; labor; markets (search for similar items in EconPapers)
Date: 2012-05-07
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Persistent link: https://EconPapers.repec.org/RePEc:fip:r00034:101605

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