Theme: Ironic demographics
Subject Article: "Reggie Jackson and the Cost of Health Care."
Other Links: 1. "Mayo Clinic and the teleconference that saves lives."
Postscript: Geography is just one variable characterizing the quality of supply and demand in any market. For example, the labor market in Rochester, New York:
While the path has been uneven, the Rochester region in fact has added private-sector jobs over the last quarter-century. But this fact says little about the quality of those jobs.
Qualitative assessments, of course, are a matter of interpretation. Not everyone would define a “good job” the same way.
A recent report from the Brookings Institution’s Metropolitan Policy Program, however, provides a solid benchmark for a healthy local economy by examining its advanced industries sector. These industries—characterized by technology research and development and workers with science, technology, engineering and math skills—not only pay more, but also generate more value per worker than those outside this sector.
Overall, Rochester's job growth may look anemic. But certain employment can have out-sized economic impact, which typical metrics fail to capture. We are left with a sad tale at odds with reality.
I've been down this road before, using Pittsburgh instead of Rochester. Employers are willing to pay higher wages for unique talent. See the analogy of Reggie Jackson for the high cost of health care. In an era of demographic decline, the quality of demand for labor is more important than the quantity of demand.