As measured by flows of jobs and workers across employers, U.S. labor markets became much less fluid in recent decades. We document a large, broad-based decline in these labor market flows, drawing on multiple data sources. An aging workforce and a secular shift away from younger and smaller employers can partly account for the long-term decline in labor market fluidity, but these forces are not the main story. Instead, we find large declines in worker reallocation across employers within groups defined by gender and age or gender and education. 

Francis Fukuyama argues that, while neither the Chinese economic nor political models are sustainable in the long run, “We need to assume that China will remain on its current growth trajectory” and “cannot assume a deus ex machina solution to our present problem.” The first step, he says, entails building a multilateral framework for dealing with China's territorial claims.

IP² Working Paper No. 14014 (originally published April 1, 2014) - Ultimately, patents have value to the extent to which the product features enabled by the patents have economic value in the marketplace. Products which are enhanced by inclusion of patented features should generate incremental profits. Incremental profits can be assessed by considering demand for products with patented features and contrasting that demand to demand for the same product without the patented feature.