How Today’s Recession Affects Tomorrow’s Economic Growth
Wednesday, November 9, 2011 from 6:00 PM to 8:00 PM (EST)
New York, United States
The Long-Term Consequences on Labor & Productivity, R&D, and Capital Investment
As Americans struggle though the greatest economic calamity since the 1930s, we ask, what will today’s recession do to tomorrow?
For too long, economists have assumed that once an economy is deemed ‘recovered,’ recessions take no future toll. Unfortunately, this view is not supported by either theory or evidence. Deep recessions have the potential to significantly reduce future output by undermining the quality of labor, delaying capital investment, and postponing or eliminating research and development. In fact, depressed markets may become so entrenched that they cannot correct themselves.
On November 9th, SCEPA Senior Feller Jeff Madrick will host a discussion with distinguished economists on the permanent, long-term losses caused by deep recessions and propose immediate policy options to stem future losses.
Participants include: William Dickens, Distinguished Professor of Economics and Social Policy at Northeastern University; Laurence Ball, Professor of Economics at Johns Hopkins University; and, from Columbia University, Assistant Professor Till Marco von Wachter and the Robert Hielbrunn Professor of Finance and Asset Management Bruce Greenwald.
Admission is Free, but reservations are required.