98% of the 28 million jobs created in the U.S. over the past two decades were in areas such as health care, retail, and hotels that produce un-exportable goods and services, says A. Michael Spence, the Stanford economist and Nobel laureate.
Now that the 2008 downturn has sapped demand and made job growth in those sectors a faint hope, the U.S. will have to spur job creation by reinvigorating „tradable“ areas such as manufacturing. That means investing in infrastructure and education, Spence says.
[Source: HBR]
