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Professor Robert Whitelaw illustrates why low-cost labor in China is no longer a considerable threat to the US economy

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Excerpt from Marketplace -- "'There’s just less labor content in a manufactured item,' said Robert Whitelaw, professor of entrepreneurial finance at NYU. 'A high-end GE refrigerator only has two hours of labor in it,' he said, adding that automation is also a powerful force at the low end of manufacturing. 'Where labor costs are less important, other things become more important, like distance,' he said."

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