Re: Is the golden age of American business over?
Thomas F. Cooley is the Richard R. West Dean and the Paganelli-Bull Professor of Economics at New York University Stern School of Business, as well as a Professor of Economics in the NYU Faculty of Arts and Science. He was appointed Dean of NYU Stern in 2002.
The former President of the Society for Economic Dynamics and a Fellow of the Econometric Society, Dean Cooley has received numerous awards for his teaching and is recognized as a national leader in both macroeconomic theory and business education. He is a widely published scholar in the areas of macroeconomic theory, monetary theory and policy and the financial behavior of firms.
Before joining NYU Stern, Dean Cooley was a Professor of Economics at the University of Rochester, University of Pennsylvania, and UC Santa Barbara. Prior to his academic career, Dean Cooley was a systems engineer for IBM Corporation. Dean Cooley received his BS from Rensselaer Polytechnic Institute, and his MA and PhD from the University of Pennsylvania. He also holds a doctorem honoris causa from the Stockholm School of Economics.
Question: Is the golden age of American business over?
Thomas Cooley: I think that's a somewhat crazy idea. If you look at the growth of prosperity in this country, it's basically continued unabated. And the truth of the matter is that what drives this economy is innovation and ideas. And the fact that manufacturing shifts around the world, even some services shift around the world doesn't mean that American business is finished. What is going to be true is that we're going to see a lot of–– we are seeing a lot of economic growth elsewhere in the world. In China, in India, in Brazil, the emerging market countries are experiencing just extraordinary changes in the economic well-being. And many American companies like General Electric or like CitiBank see a lot of their future growth as taking place in those markets. But the fact that they're going to do well, only bodes well for us, not anything else, so.
Thomas Cooley thinks this is a crazy idea.
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