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Technology, Unemployment and Workforce Development in a Rapidly Changing World

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  • Jeffrey M. Lacker

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.

Suggested Citation

  • Jeffrey M. Lacker, 2012. "Technology, Unemployment and Workforce Development in a Rapidly Changing World," Speech 101605, Federal Reserve Bank of Richmond.
    • Handle: RePEc:fip:r00034:101605
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    File URL: https://www.richmondfed.org/press_room/speeches/jeffrey_m_lacker/2012/lacker_speech_20120507
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