# In an op-ed, Prof. Michael Spence identifies obstacles to global economic growth

1 Faculty News January 23, 2014 ![Project Syndicate logo](/sites/default/files/styles/246w/public/assets/images/con_030500.jpg?itok=ONV7lJ6H)>

Excerpt from [Project Syndicate](http://www.project-syndicate.org/commentary/michael-spence-explains-why--secular-stagnation--is-not-a-problem-that-the-us-and-other-advanced-economies-should-try-to-solve) -- "Labor-saving technology and shifting employment patterns in the global economy’s tradable sector are important drivers of inequality. Routine white- and blue-collar jobs are disappearing, while lower-value-added employment in the tradable sector is moving to a growing set of developing economies. These powerful twin forces have upset the long-run equilibrium in advanced economies’ labor markets, with too much education and too many skills invested in an outmoded growth pattern."

[Read more](http://www.project-syndicate.org/commentary/michael-spence-explains-why--secular-stagnation--is-not-a-problem-that-the-us-and-other-advanced-economies-should-try-to-solve)