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Pittsburgh Welcomed Uber's Driverless Car Experiment. Not Anymore.

NYT > Economy

Uber said it planned to share some data collected by its autonomous vehicles with the city this year, though Pittsburgh officials say the data Uber shares with other cities is insufficient. "Uber is proud to have put Pittsburgh on the self-driving map, an effort that included creating hundreds of tech jobs and investing hundreds of millions of dollars," the company said in a statement. Pittsburgh's frustrations with Uber are encapsulated in the Hazelwood neighborhood along the Monongahela River, where the company opened a driverless vehicle testing track last year. He said he was now talking to Ford, which is investing $1 billion in a Pittsburgh-based driverless technology company, Argo AI, about signing commitments on data sharing and work force development.


Unemployment Rate at 10-Year Low as Hiring Grows and Wages Rise

NYT > Economy

Douglas Holtz-Eakin, a former Congressional Budget Office director who advised Senator John McCain's Republican presidential campaign in 2008, noted, "The April jobs report showed a labor market in the homestretch of recovery from the Great Recession," adding, "This sets the Fed up for another rate hike in June." But he said that since the official jobless rate sank in March to its then-lowest point in 10 years, "headline job growth appears less and less important" compared with other factors like wage growth and the labor-force participation rate. "It's not an employer's market," said Patrick Bass, chief executive of Thyssenkrupp North America, which makes elevators, steel and other industrial products. The left-leaning Economic Policy Institute in Washington issued a report this week that had a complementary message.


Kenneth Arrow, Nobel-Winning Economist Whose Influence Spanned Decades, Dies at 95

NYT > Economy

In a theorem of stunning generality, Professor Arrow proved that no system of majority voting worked satisfactorily according to a carefully articulated definition of "satisfactory" (which social scientists generally accept). Professor Arrow's research opened the academic field of social choice -- a literature that ranges from countries picking presidents to corporate boards picking business strategies. But Professor Arrow and his co-authors extended the Walrasian system to capture important complexities, like the fact that markets exist well into the future, posing risk for consumers and producers. Professor Arrow proved that their system of equations mathematically cohere: Prices exist that bring all markets into simultaneous equilibrium (whereby every item produced at the equilibrium price would be voluntarily purchased).


The Future of Work: The Retraining Paradox

NYT > Economy

But he lost his job after the company restructured in 2012, he said, and soon he found that his skills weren't easily transferable to a new field; Datamatic's technology was proprietary, and his expertise in the company's installation program wasn't appealing to employers outside that particular industry. Now 32, Kecy is a few months away from finishing a six-month certificate program in advanced composites manufacturing at Great Bay Community College in Rochester, N.H. Kecy's classmates include veterans, recent high-school graduates and older workers whose careers had reached dead ends. The state's department of economic development bills its seacoast region as "the emerging composites region," and it points to Great Bay's program as a reason for more aerospace and defense businesses in particular to relocate there.


The Future of Work: The Future of Not Working

NYT > Economy

To get there, you follow a power line along a series of unmarked roads. Eventually, that power line connects to the school at the center of town, the sole building with electricity. One villager heard that GiveDirectly would kidnap children. GiveDirectly works with mobile phones.


The Future of Work: The Jobs Americans Do

NYT > Economy

The emerging face of the American working class is a Hispanic woman who has never set foot on a factory floor. Technological progress has made American farms and factories more productive than ever, creating great wealth and cutting the cost of food and most other products. In 1900, factories and farms employed 60 percent of the work force. For more than a century, since the trend was first documented, people have been prophesying a dire future in which the working class would no longer work.