The problem - at least in the United States - is not that people can't find jobs. The problem is that they're no longer finding jobs that provide them with dignity and decent social status.
Kenneth RogoffPeople aren't looking at how they're doing, but rather at how their neighbors are doing and at their own place in society.
Kenneth RogoffThere has been a noticeable decline in the labor factor in all wealthy countries in the past 20 years. The rich are getting richer, but those at the lower end aren't moving ahead as quickly as the capitalists.
Kenneth RogoffWhy are oil prices so low? First, energy consumption growth rates in developing markets have decreased. This is particularly noticeable in China. Second, new technologies are being developed and the shale gas revolution in the USA has taken place
Kenneth Rogoff