Economic Turbulence: Is a Volatile Economy Good for America?

by Clair Brown, Julia Lane, John C. Haltiwanger, et al.

Every day, in every sector of our economy, a business shuts down while another starts up, jobs are created while others are cut, and workers are hired while others are laid off. This constant flux, or turbulence, is a defining characteristic of our free market system, yet it mostly inspires angst about unemployment, loss of earnings, and the overall competitiveness of corporations. But is this endless cycle of fluctuation really so bad for America?...

• Format: Hardcover
• Language: English
• ISBN: 0226076326
• ISBN13: 9780226076324
• Release Date: October 2006
• Publisher: University of Chicago Press
• Length: 212 Pages
• Weight: 1.00 lbs.
• Dimensions: 0.9" x 6.3" x 9.2"

Customer Reviews

Journalists and Jobs: A Peek Under the Surface

Because the popular press focuses almost exclusively on net job creation or loss, they fail to paint a meaningful picture of how the U.S. economy really works underneath the surface. For every new job that journalists report in the economic section of your local newspaper, it typically means that 5 jobs were created and 4 were lost. And yet, churn of this sort is the sign of a healthy, vibrant economy. Thus, the effort to try to preserve jobs only leads to stagnation. Greater job loss will occur over the long run as competitors (both foreign and domestic) gain advantage precisely because they can both create and destroy jobs in response to market conditions. The authors of Economic Turbulence should be applauded for telling this story that too many people still don't want to hear.