Additionally, the unemployment numbers show a notable split in the labor pool, with most unemployed workers finding jobs after a relatively short period of time, but a sizable chunk of the labor force unable to find new work even after months or years of searching. This group — comprising generally older workers — has pulled up the average length of time that a current worker has been unemployed to a record high of 33 weeks as of April. The percentage of unemployed people who have been looking for jobs for more than six months is at 45.9 percent, the highest in at least six decades.[...]

Of course, just as there is a structural decline in some industries, others enjoy structural growth (the “creative” part of “creative destruction”). The key is to prepare the group of workers left behind for the growing industry.[...]

“You can bring the jobs back for some of these people, but they won’t be in the same place,” says Thomas Anton Kochan, a professor of management at the Massachusetts Institute of Technology.

I find baffling just how much time and energy we put into trying to save jobs that are becoming obsolete. Employing people is obviously very important, but productivity is what fuels job growth and prosperity in the long run. Employing people by holding back productivity growth is not a viable long-term strategy.

The linked article above has a nice summary of recent research by Richard Florida (of Creative Class fame) on the relationships, by state, between human capital, wages, hours worked, and numbers of immigrants.

Apparently blue-collar workers are right to complain that management doesn't work as hard as they do ;)...

Oh, and the complaints about immigrants deflating wages - FALSE! (at least on average).

Strategy used to be about protecting your existing competitive advantage. Today, it's about finding the next advantage. Strategy starts to decay the moment it's created. That's why corporations must develop strategies that address tomorrow's business realities. Strategic actions that companies take belong in one of three boxes:

Box 1 = managing the present
Box 2 = selectively abandoning the past
Box 3 = creating the future

The first box is about improving your current businesses. Boxes 2 and 3 are about innovation, breakout performance, and growth. Most organizations restrict their strategic thinking to Box 1...

In some ways, to understand these three boxes is to understand Hinduism . Though the Hindu religion recognizes 330 million gods, there are only three main Hindu deities: Vishnu, the god of preservation; Shiva, the god of destruction; and Brahma, the god of creation. The correspondence between the three boxes and the three Hindu gods is clear...

According to Hindu philosophy, preservation-destruction-creation is a continuous cycle without a beginning or an end. The three gods play an equally important role in all three phases of that process.

I found this recent HBR blog post by Vijay Govindarain wonderful and fascinating.

Over the years, much has been made of the link between religion, culture, and economic success. However, most of this has focused on the West and, specifically, the U.S.

From de Toqueville to Weber, scholars have praised the Protestant Work Ethic and Americans' proclivity toward self-help and civic engagement. While these may in fact contribute to the U.S.'s economic success, they are far from the full list of necessary and sufficient conditions for growth.

The post above sheds light on the fact that a range of cultural factors can contribute to economic growth. Some societies will score higher on certain elements while other societies will benefit from a special advantage in other areas.

All in all, a fascinating and important idea.

Will be REALLY interesting to see where the market values Facebook.

Relative to my previous post, the "demographic dividend" is the idea that underlies the theory that India's economic expansion has barely begun. Looks like Sub-Saharan Africa also holds major potential, though it surely lags well behind India in terms of governance, health, education, and infrastructure.

Absolutely mind-blowing (and, at points, hysterical) documentary about the drastic transformation Bogota underwent in the mid- to late nineties and early 2000s. There are 5 more parts to the documentary, if you like what you see.

Thanks to @acolmenares for discovering it!