A lot of economists, myself included, have spoken about the need to fundamentally rethink major parts of macroeconomics following the global financial crisis.
This short article is highly readable. It gives us some clues as to which statistics are more reliable. We live in world where economists and politicians are frequently at loggerheads with mainstream media keen to gloss over the evidence.
Summers highlights the major global trend over the last few decades of substantial disemployment—or withdrawal from the workforce—of relatively unskilled workers.