The U.S. economy has shed 7.2 million jobs since the onset of the recession. But the economic pain of unemployment has not been spread equally, according to a new analysis by my colleagues at the Martin Prosperity Institute.
Yesterday, I compared 2009 housing prices to their 2006 baseline. Today, I turn to the change in housing prices. The graph below plots the percentage units change in housing prices between 2006 and 2009 against the 2006 baseline price.
Overall, the trend in patenting is up - both in absolute numbers and controlling for population. Innovation has increased over the past decade, but not at the breakneck pace of the 1980s and 1990s. There have been two dips in patenting over the past decade - the first in the wake of the tech crisis of 2001 and the second, more recently, concurrent with the onset of the housing and financial bubbles and the subsequent economic crisis.
Here's a map of job postings by metro area (h/t: Steven Pedigo). The map controls for population. D.C. has the most openings and Baltimore is second. San Jose, Austin, Hartford, Seattle, Salt Lake City, Denver, Boston, Las Vegas, Charlotte, and San Francisco all are doing reasonably well, relatively speaking.
As we saw yesterday, Michael Mandel argues that commercial innovation in the U.S. has slowed in recent years. To shed light on this, my team and I tracked U.S. patent data for the past decade - and for the entire 20th century.
In a widely read cover story published earlier this month, Business Week's chief economist Michael Mandel asks, "To what degree has American innovation been 'interrupted'?" Mandel argues that the economic crisis is partly the result of America's failure to generate high-impact commercial innovations: "What if, outside of a few high-profile areas, the past decade has seen far too few commercial innovations that can transform lives and move the economy forward? What if, rather than being an era of rapid innovation, this has been an era of innovation interrupted?"
Most people think the biggest threat to globalization is mounting economic nationalism and trade protectionism. That may well be true. But in a thoughtful and provocative article in the Harvard Business Review, George Stalk argues that globalization faces another threat - a looming infrastructure crisis that is creating huge bottlenecks in the flow of global products and services.
In the wake of Michael Jackson's death, there's been no shortage of predictions about how his passing represents the end of the "age of celebrity."