Year: 2010
Type: article
Abstract: The rapid pace of globalization poses significant challenges and opportunities for the U.S. economy and its workforce.The opportunities for economic growth and prosperity presented by increased trade are well known.So too are the challenges for businesses and workers, who must adjust as the location of specific economic activities among trading partners shifts and domestic industries restructure.The benefits and costs of expanding globalization, and their distribution among industries, workers, and regions have been debated in economic literature and the popular press for decades.Less well understood, however, are the challenges globalization presents to the collection of economic data and the construction of reliable economic statistics.We need more and better data to understand these effects and to formulate effective policy responses to domestic and international issues.To improve our understanding of the impact of globalization on the adequacy and accuracy of current economic statistics, the Bureau of Economic Analysis (BEA) and the Sloan Foundation sponsored new economic research for a conference on the Measurement Issues Arising from the Growth of Globalization, where these papers were presented and discussed.The results of that conference, held at the National Academy of Public Administration, are summarized in this volume.The individual conference papers are available in a separate technical appendix and on the BEA, W.E. Upjohn Institute, and National Academy of Public Administration websites.The research papers highlight critical data gaps and deficiencies that impede our ability to measure accurately the economic impact of globalization on the U.S. economy, and its workers.A number of papers examine the limitations of our currently constructed price indexes; others identify data gaps that impede our ability to measure the extent of services off-shoring and the impact of such activity on the U.S. labor market.Key recommendations emerging from the conference include pilot testing an input price index and improving data sharing, particularly micro-level data, among the federal statistical agencies.We thank the Planning Group, consisting of economists from academia and the three major federal statistical agencies, for their guidance in defining the scope of the conference and the papers to be presented.Thanks also to the project co-directors, Susan Houseman and Kenneth Ryder, and other project staff for their efforts to coordinate the work of the various authors and discussants at the conference and to present the results of that conference.Finally, we extend our deep appreciation to the BEA and the Sloan Foundation, for their generous support of this important effort.
Authors: Susan N. Houseman, Kenneth F. Ryder
Language: English
Topic: Global trade and economics
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W1506966831