Regionally and locally, recovery has been far more spotty, choppy, and profoundly iffy than economic models have previously revealed.
That's the essence of this Brookings Institution analysis from Brookings' Mark Muro, who is Senior Fellow and Policy Director, Metropolitan Policy Program. Muro notes that in the last six months a burst of new empirical work—much of it focused on the region-by-region aftermath of the Great Recession—is shredding key aspects of the standard view and suggesting a much tougher path to adjustment for people and places. Muro's take-away is this:
As to the upshot of this work, it’s increasingly clear that policymakers need to be thinking much more urgently about how to provide for and accelerate adjustment for the victims of economic shocks.Muro, of course, believes in policy.