This week, our Masters in Business radio podcast features Alan Krueger, a labor economist and statistician.
Krueger served as Chairman of the President’s Council of Economic Advisers, was a Cabinet Member from November 2011 to August 2013. He was Chief Economist of the U.S. Department of the Treasury in 2009-10, and as Chief Economist at the U.S. Department of Labor in 1994-95. He is presently a professor of economics and public affairs at Princeton University, and a Research Associate at the National Bureau of Economic Research.
Kruger has received many economic awards and recognitions, including the Kershaw Prize, the Mahalanobis Prize in statistics, and the IZA Prize in Labor Economics (with co-author David Card). He is a fellow of the American Academy of Arts and Sciences, Society of Labor Economists, Econometric Society and American Academy of Political and Social Science.
Krueger expertise is in Labor Economics, and performed with colleague David Card the seminal research work on minimum wage in the fast food industry; the data showed that modest increases in the minimum wage did not reduce employment, and was actually a net positive for the local economy. Subsequent studies have confirmed the validity of their research.
Krueger took pains to explain the Bureau of Labor Statistics (BLS) process of assembling, modeling and presenting data on Employment is an apolitical, non-partisan agency staffed by career statisticians, not political appointees. The Commissioner of the BLS is its sole political appointee.
Next week, we speak with Liz Ann Sonders of Schwab.