We Need To Make More Stuff

Spence’s research on job growth over the 18 years from 1990 through 2008 paints an unsettling picture. The U.S. economy added a respectable 27 million jobs, but 98% were in the “nontradable” side of the economy. Nontradable refers to sectors generating goods and services that are consumed where they are produced, such as government, health care, construction, retail, and hospitality.