Needed:  New Institutional Supports for the Market

Posted by on June 18, 2006

In a response to Richard Florida's essay in Cato Unbound, MIT professor Frank Levy warns, "The Creative Class and Skill Biased Technical change require a new kind of education. But they also require a new institutional structure to distribute productivity gains in a reasonably equitable way. Markets, like every other institution, rest on the consent of the participants. If enough people come to see the U.S. job market as stacked against them, all of the nation's institutions will be at risk."

Definitely worth a read.