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Michael Spence, a senior fellow at the Hoover Institution and the Philip H. Knight Professor Emeritus of Management in the Graduate School of Business at Stanford University, notes that there is no short-term fix to the broken job market in the United States. Structural changes over the past two decades have altered the design of the labor market, making much of its growth hinge on domestic demand, which is virtually nonexistent today.

John Shoven, the Buzz and Barbara McCoy Senior Fellow at the Hoover Institution and the director of the Stanford Institute for Economic Policy Research, describes the long slow road to economic recovery. “We are on a course and speed to be where Greece is today by roughly 2025. But nobody is going to bail out the United States,” he said. “It's time to be creative.”

Michael Spence, a senior fellow at the Hoover Institution and the Philip H. Knight Professor Emeritus of Management in the Graduate School of Business at Stanford University, discusses his new book, The Next Convergence: The Future of Economic Growth in a Multispeed World. Spence also talks about American inequality and the Chinese economy.


John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, was part of a panel discussion on how the authority of the Federal Reserve System will change under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
