Wages, Labor Policy and the Gig Economy
Alan Krueger has long been particularly insightful on economic data and policy around labor and wages. As technology and entrepreneurship make way for a Gig Economy - think Uber- new questions are raised about protecting and growing America's stable work force. In this speech, Krueger outlines the risks and benefits of the new Gig Economy companies and the workforce
Brexit: Economic, Political and Investment Implications
Bexit's implications for the world economy depend on how British policymakers and European Union officials negotiate a post-Brexit agreement, on whether other E.U. members seek to exit the E.U. or negotiate new terms, and whether the United Kingdom splinters. Brexit could be the shot that upset the world trading system, the cross-country flow of people and ideas, and the world political order, or it could be a jolt that leads politicians to align their policies more closely with their constituents’ desires and shocks voters to become more aware of the consequences of their actions and, ultimately, more responsible in their judgments. Although there is tremendous uncertainty, one can consider different scenarios, and assess the likely implications for various regions of the world and industries.
In this speech, Krueger discusses the clear implications and the aftereffects which may offset or exacerbate early setbacks in investment, trade, currency, and economic performance in the E.U., U.K., U.S. and ASEAN region.
Global Economic Outlook
Alan Krueger is one of the world's most respected economists, not only for his keen research but also for how he applies the results to solve the economic, political and geopolitical issues of the day. Krueger served as chairman of President Obama's Council of Economic Advisers and a member of his Cabinet from 2011- 2013, and is also the former chief economist of both the Department of the Treasury and the Department of Labor. During his tenure in these roles, he played a central role in developing economic policies to spur growth, including various stimulus proposals; small business development and lending programs; labor, unemployment and wage policies; as well as policies for housing, energy and taxes. His economic research influenced policies that helped end the great recession and put the nation on the road to recovery, as well as immigration reform, healthcare reform, national security and counter-terrorism policies, and the running of our school system. Krueger delivers a substantive economic outlook that spans all of these issues with surprising humor and congeniality.
The Economics of Everything
Alan Krueger is an influential economist who has applied rigorous statistical analysis to a range of tough issues, from the minimum wage to education to terrorism. He analyzes the factors that influence the way we make decisions as individuals and businesses, which in turn determines the way we structure our families, communities and countries. Krueger advises governments on a range of public policy issues and even global security, including how to properly assess and counteract terrorism, all from his deep, and often surprising, economic research. Krueger is an entertaining speaker who challenges audiences to rethink assumptions, and explains economics in plain English, as he did while at the White House and United States Treasury to influence the public policy decisions we live with today. He applies this approach in his speeches on healthcare, energy, auto and banking sectors, as well as the emerging sharing economy.
Technology and the Economy
Technological change has been sweeping the U.S. and the world economy, and how we organize and conduct business has an enormous effect on the economy at-large. Krueger has been a leading researcher in the debate over how the spread of computers and information technology affect the economy and jobs, and now he shares his latest groundbreaking research on the ramifications of the internet, cloud computing, big data, and mobile computing, particularly focusing on the healthcare, energy, transportation and education sectors. Krueger believes that there is enormous potential for new technologies to help the economy to grow and businesses, workers, and consumers to prosper, and he shares results of his studies on how emerging technologies can best be applied to each of these industries (or the individual sector chosen by his audience). Through the improved energy smart grid, lower cost and more lives saved through healthcare, increased access to quality training and education, and innovations such as Uber and Lyft, new technology combined with sound economic policy and smart regulation can put the country on a track for faster and more widely shared growth. Krueger shares his insights on how technological change is affecting various industries and what to expect in the future based on the latest evidence and best economic thinking.
Alan Krueger’s latest groundbreaking research paper on labor force participation makes headlines
Alan Krueger’s latest groundbreaking research paper—“Where have all the workers gone? An inquiry into the decline of the U.S. labor force participation rate” — uncovers a surprising and crucial factor behind decreased labor force participation: the opioid epidemic. Originally published in the Fall 2017 edition of the Brookings Papers on Economic Activity, Krueger’s work examines how the opioid epidemic has affected the labor force on a local and national level, ultimately positing that the increase in opioid prescriptions between 1999 to 2015 could account for one-fifth of the decline in men’s labor force participation and a quarter of women’s. Krueger’s important findings instantly garnered attention from nearly every major media outlet, making headlines in The Wall Street Journal, Bloomberg, Fortune, The Washington Post, Quartz, New York Magazine, NBC News, The New Yorker, and more. A Princeton Professor and Former Chairman of the White House Council of Economic Advisors, Krueger is a renowned expert on labor and one of the 50 highest ranked economists in the world. His pivotal research on the labor force helps inform both the national conversation and public policy. As Krueger wrote in his paper, “Addressing the decades-long slide in labor force participation by prime-age men should be a national priority.”Read about Krueger's crucial research >>
Alan Krueger makes headlines for launching innovative music industry conference
Renowned economist and former Chairman of the White House Council of Economic Advisors Alan Krueger established the innovative Music Industry Research Association (MIRA), bringing together a cross-section of esteemed researchers and industry professionals. As President of MIRA, Krueger also launched and participated in the association’s inaugural conference, delving into topics as varied as industry and media trends, new technological developments, digitization and disruption, and sustainable business models. A unique, creative and forward-thinking event, ultimately Krueger and MIRA’s work sheds light on not just the music business but the economy as a whole. As Krueger said, "We can make some breakthroughs." News of the conference instantly made headlines, resulting in a fascinating Billboard interview with Krueger. A current Princeton professor and one of the highest ranked economists in the world by IDEAS/RePEc, Krueger made headlines back in 2001 with his dynamic and oft-cited New York Times column about the economics of Super Bowl Tickets. MIRA takes this work to the next level, going beyond ticket sales to the impacts of the digital economy as a whole.
Alan Krueger wins prestigious prize, makes headlines following informative lecture
Princeton Professor and former Chairman of the White House Council of Economic Advisors Alan Krueger, was the winner of the 2017 Daniel Patrick Moynihan Prize at the American Academy of Political and Social Science (AAPSS). Created to recognize social scientists, public officials and civic leaders who use their “informed judgement to advance the public good,” the Moynihan Prize is an incredible honor for the nation’s most influential public servants and comes with the opportunity to deliver a lecture on the world’s most pressing challenges. As the AAPSS President said: “[Alan Krueger] is a gifted scholar, policy influential, and public servant, and a most worthy recipient of an award celebrating Moynihan’s dedication to bringing the highest quality research available to bear on policy design and implementation...” In his lecture, Krueger delivered an urgent message on the new economy, sharing insights on how modern labor laws are needed to protect the growing number of independent workers in the “gig economy.” One of the 50 highest-ranking economists in the world, Krueger is a foremost expert on labor and the current economic climate, sharing invaluable analysis with audiences worldwide.Read more about Alan Krueger’s forward-thinking lecture >>
What does "America First" mean for TRADE and TAX POLICY? These HWA speakers know the decisions facing CEOs and Congress, and the impact on American workers, our foreign policy and the economy as a whole. These speakers are compelling keynote speakers and also fiery debaters on a panel.
Steve Forbes: CEO of Forbes media, champion of tax reform and former U.S. Presidential candidate
Max Baucus: Trade expert, Ambassador to China (2014 - 2017) & Chair of Senate Finance Committee (2007 - 2014)
Lawrence Summers: Secretary of the Treasury and Director White House Council of Economic Advisors
Alan Krueger: Jobs expert, Chairman White House Council of Economic Advisors, Chief Economist of the U.S. Treasury
Julia Gillard: Prime Minister of Australia (2010- 2013) and expert on trade in the Asian-Pacific region
Ed Balls: Chief Economic Advisor to the UK Treasury (2010 - 2015)
Paul Tucker: Deputy Governor of the Bank of England (2009 - 2013)
Felipe Calderon: President of Mexico (2006 - 2012) and NAFTA expert
Vicente Fox: President of Mexico (200 - 2006) and NAFTA expertMore experts on taxes and trade issues in North America, Europe and Asia >>
What are the benefits and risks of the Gig Economy? Alan Krueger has deep insights on wage and employment issues in the new economy
What protections do Uber drivers, for example, have to ensure fair wages? How does a new economy, increasingly staffed by independent workers, develop and attract a productive and stable work force? What is the economic benefit of the independent worker and should we foster an independent work force? Krueger has analyzed the risks of an independent work force to the economy and the ways those workers reduce volatility in employment and income. Additionally he proposes labor law protections, which you can read here.Listen to Alan Kreuger's analysis of the Gig Economy >>
Alan Krueger HWA Chat covers next President, China, the loss of the middle class and more
When eminent economist Alan Krueger dropped by HWA, we sat down to chat about what he believes should be the agenda for America's next President, whether a growing China poses a threat or opportunity for businesses and why we are losing our middle class.Watch the chat >>
Alan Krueger is a highly sought-after commentator on Brexit
“[T]he political implications of Brexit could matter more than the direct economic effects, and are very difficult to handicap. For example, Brexit could signal a pervasive shift to nationalist platforms and populist candidates…, or it could lead voters to recognize that politics is a serious business and that responsible policymakers can avert disaster (as appears to have been the case in Spain). To give Winston Churchill the last word, 'The trouble with committing political [and economic] suicide is that you live to regret it.’"Find out more >>
Why did Hillary Clinton Mention Alan Krueger's Name in the Democratic Debate?Read More...
What is Alan Krueger watching in the 2016 economy?
Alan Krueger: I’ll be paying especially close attention to wage and price growth, and whether wage growth will rise now that unemployment is down to 5% and inflation is moving towards the Fed’s 2% target. My preferred measure of wage growth is the Employment Cost Index because it holds the mix of jobs constant and covers a comprehensive mix of compensation. For prices, I’ll focus on the core PCE and CPI. I’ll also be focused on the effect of the rise in short-term interest rates and whether higher rates will slow economic growth and cause the job market to stagnate.Read More...
Alan B. Krueger is the Bendheim Professor of Economics and Public Affairs at Princeton University. He served as Chairman of President Barack Obama’s Council of Economic Advisers from November 2011 to August 2013, and was a member of the President’s Cabinet. He is the founding Director of the Princeton University Survey Research Center. In 2009-10, he served as Assistant Secretary for Economic Policy and Chief Economist of the U.S. Department of the Treasury and in 1994-95 he served as Chief Economist of the U.S. Department of Labor. He wrote for the New York Times Economic Scene column and Economix blog from 2000 to 2009. He was named a Sloan Fellow in Economics in 1992 and an NBER Olin Fellow in 1989-90. He was editor of the Journal of Economic Perspectives from 1996 to 2002. He was elected a Fellow of the Econometric Society in 1996, a fellow of the Society of Labor Economists in 2005 and a member of the Executive Committee of the American Economic Association in 2004. He earned a B.S. degree with honors from Cornell University in 1983 and a Ph.D. in Economics from Harvard University in 1987.
He is one of the nation’s most-respected voices on the economy. He is ranked among the 50 highest-ranked economists in the world according to Research Papers in Economics. Since 1987, he has held a joint appointment in the Economics Department and Woodrow Wilson School at Princeton University. Krueger has published widely on unemployment, income distribution, the economics of education, labor demand, terrorism, subjective well-being, financial markets, social insurance, labor market regulation and environmental economics. Among his many honors, he was awarded the Kershaw Prize by the Association for Public Policy and Management in 1997 for the most significant contributions to public policy research by someone under age 40, elected a fellow of the American Academy of Arts & Sciences in 2002, and awarded the IZA Prize in Labor Economics in 2006.
He joined the Obama administration in the midst of the financial crisis in February 2009 and helped develop and implement policies that put the country on a path back toward recovery. He is the only economist to have served as Chief Economist of both the Department of the Treasury and Department of Labor. As one of the foremost experts on labor markets, wage growth, inequality and unemployment, his speeches offer insights on the path of the current U.S. recovery, the likely path of future policy developments, and risks and opportunities in the global economy.
President Obama said, Alan has been one of my most trusted advisers on economic policy and a great friend. I asked Alan to lead my Council of Economic Advisers because he understands the economy better than almost anyone …. Alan was the driving force behind many of the economic policies that I have proposed that will grow our economy and create middle-class jobs. … And while we have more work to do, today our economy is improving — thanks, in no small part, to Alan’s efforts.” Dr. Krueger helped design early stimulus proposals, including the “cash for clunkers” rebate, the Build America Bonds program, and the small business lending fund. He also played a major role in the development of the administration’s tax, budget, housing, energy, and international economic agenda.