Austan Goolsbee is the Robert P. Gwinn Professor of Economics at the University of Chicago’s Booth School of Business. From 2010 to 2011, he was chairman of the Council of Economic Advisors and the youngest member of President Obama’s cabinet. Prior to that, he was chief economist of the president's Economic Recovery Advisory Board. Goolsbee serves on the Economic Advisory Panel to the Federal Reserve Bank of New York and has previously served on the Panel of Economic Advisors to the Congressional Budget Office and the US Census Advisory Commission. He is a past Fulbright scholar and Alfred P. Sloan fellow. In 2009, he was voted DC’s funniest celebrity.
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Some suggest we are well into a fourth industrial revolution — a time of significant and fundamental shifts in the ways we create, manufacture, and consume goods and services....
Since 2009, the US unemployment rate has fallen from 10 percent to 4¼ percent, underpinned by steady job gains. Yet despite this employment strength, growth in output and wage...