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New York Times reporter Steve Lohr spotlights how the William & Flora Hewlett Foundation and the Omidyar Network have made a gift to help establish a new program that will analyze forces contributing to the erosion of job quality and labor market opportunity for workers without college degrees. “Markets are terrific, but we have to overcome this notion that ‘markets are autonomous — so just leave it to the market,’” says Prof. David Autor. “That fatalism is a decision.”
A new study by MIT researchers finds that mediation apps may have benefits for users in reducing anxiety and depression, reports The Economist. “Access to the app reduced the share of participants with moderate or severe anxiety by 13 percentage points, or 50%, compared to the control group. The share of participants with moderate or severe depression fell by 14 percentage points, or 47%.”
Bloomberg reporter Ben Holland spotlights “The Work of the Future: Building Better Jobs in an Age of Intelligent Machines” – a new book written by Prof. David Autor, Prof. David Mindell and Elizabeth Reynolds PhD ’10 – about the future of job mobility and social safety nets in the United States.
On Point host Meghna Chakrabarti speaks with Prof. David Autor about his research investigating the success and failures of the Paycheck Protection Program (PPP). “If there's one thing I would change, is that I would rebuild our unemployment insurance program, so use modern data systems integrated nationally,” says Autor of how he would alter the PPP.
AP reporter Christopher Rugaber writes that Susan M. Collins PhD ’84 will be the next president of the Federal Reserve Bank of Boston. “Dr. Collins brings the technical expertise and insight to contribute to policymaking and the leadership ability to head the organization,” said Christina Paxso and chair of the Boston Fed’s Board of Directors.
Susan M. Collins PhD ’84 has been selected as the next president of the Federal Reserve Bank of Boston, “the first woman of color selected to lead one of the 12 regional Fed branches since the central bank system was created in 1914,” reports Larry Edelman for The Boston Globe. “A common theme throughout my career has been commitment to the mission of public service to improve lives — whether through education, research, or policy,” said Collins.
Prof. David Autor, Harvard University Prof. Gordon Hanson, University of Zurich Prof. David Dorn, and Monsah University Prof. Kaveh Majlesi have described an “ideological realignment in trade-exposed local labor markets that commences prior to the divisive 2016 U.S. presidential election,” reports Thomas B. Edsall for The New York Times.
Susan M. Collins PhD ‘84 has been named the next president of the Federal Reserve Bank of Boston, reports Michael S. Derby for The Wall Street Journal. “Throughout my career, I have been driven by a commitment to leveraging research, education and public service to improve lives,” says Collins. “I look forward to helping the bank and system pursue the Fed’s dual mandate from Congress – achieving price stability and maximum employment.”
Boston Globe correspondent Rose Pecci spotlights Joseph Applegate, a linguist who was the first appointed Black faculty member at MIT. Applegate “had a 60-year career in languages. By the end of his career, he knew 13 of them and was considered an expert on the Berber tongues of North Africa.”
A new study by Prof. David Autor examining the effectiveness of the Paycheck Protection Program found that the program ended up subsidizing business owners and shareholders more than workers, reports Stacy Cowley for The New York Times. “Jobs and businesses are two separate things,” says Autor. “We tried to figure out, ‘Where did the money go?’ — and it turns out it didn’t primarily go to workers who would have lost jobs. It went to business owners and their shareholders and their creditors.”
Economists from MIT, Stanford, the University of Chicago, and Mexico’s ITAM polled U.S. workers to see how the pandemic impacted American’s work from home setup, reports Nate DiCamillo for Quartz. “Overall, remote workers report that they’ve become more efficient at working from home than in office,” writes DiCamillo.
The Economist spotlights a study by MIT researchers that found that less than a third of Paycheck Protection Program (PPP) funding went to workers who would otherwise have been laid off. “Almost $366bn – 72% of funding in 2020 – went to households making more than 144,000 per year,” writes The Economist.
Prof. David Mindell writes for Forbes about the premise behind his new book, “The Work of the Future: Building Better Jobs in the Age of Intelligent Machine,” which he wrote with Prof. David Autor, and Elisabeth Reynolds, former director of MIT’s Industrial Performance Center. The new book “concerns demographic shifts in the United States that will generate consistent labor shortages for a generation; the continued profusion of information technology and mobile phones into legacy sectors such as logistics, construction, and transportation; technology-enabled remote work, conferencing, and training; and a long-term need for improved training, reeducation, and upskilling among low – and middle – skill workers,” writes Mindell.
Prof. David Autor speaks with New York Times columnist Peter Coy about the new book he wrote with Prof. David Mindell and Elisabeth Reynolds, “The Work of the Future: Building Better Jobs in an Age of Intelligent Machines.” Autor explains that: “Most people’s fear of technology is really a fear of capitalism, what the markets will do with the technology. You can’t make a lot of progress if you’re making people poorer at the same time.”
The Economist highlights new work by MIT researchers investigating the impact of automation on the labor market. A study by graduate student Joonas Tuhkuri finds that at Finnish firms “adoption of advanced technologies led to increases in hiring.” Meanwhile a new book by Profs. David Autor, David Mindell and Elisabeth Reynolds concludes that “even if robots do not create widespread joblessness, they may have helped create an environment where the rewards are ‘skewed towards the top.’”