“Economic Turbulence improves our understanding of the complexities of turbulence, the defining characteristic of the modern American economy. Providing evidence based on new data sources and interviews, it offers valuable insights into the impact of turbulence on firms’ performance and survival rates, and workers’ job ladders, career paths, and wages. The study’s data confirm that the obvious is often wrong. Turbulence, the authors show, has different effects on various groups of workers and industries. This is an essential book for all decision makers and policy makers operating within our volatile economy.”

Ray Marshall, former U.S. Secretary of Labor

“One of the central issues facing the American economy is the creative destruction of jobs. The authors of Economic Turbulence do a wonderful job of looking at the real data and demonstrating that there are in fact both winners and losers in our economy. Much of the outcome depends on the flexibility of the companies that employ our workers. The authors are to be commended for tackling this profoundly complex issue and providing readers with clear and thoughtful analysis.”

William W. Lewis, founding director of the McKinsey Global Institute and author of The Power of Productivity

“This book presents important new insights into the dynamics of the American labor market. It documents the consequences of the birth and death of firms on the wages and careers of workers. It examines the effectiveness of alternative personnel strategies by firms and search strategies by workers. A must-read for anyone interested in how the labor market actually works as opposed to popular but misleading journalistic depictions.”

James J. Heckman, Winner of the 2000 Nobel Prize in Economics

"A reasoned and comprehensive deconstruciton of the complexities of economic turbulence."

Mitch Renkow | Journal of Regional Science