Nobel Laureate Spence Says Many U.S. Jobs ‘Non-Tradable’

Job growth in the U.S. is primarily in “non-tradable” industries where “we don’t compete globally,” such as government and health care, said Andrew Michael Spence, winner of the Nobel Prize in economic sciences in 2001.

“We need to work very hard on increasing the effectiveness of our schools on all levels,” Spence, a professor of economics at New York University, said today in a radio interview on “Bloomberg Surveillance” with Tom Keene. Spence is also a consultant at Pacific Investment Management Co.