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Federal Reserve System At The Convocation Department Of Economics By Stanley Fischer

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The study of economics is necessary according to Stanley Fischer, the Vice Chairman of the Board of Governors of the Federal Reserve System at the Convocation Department of Economics at Howard University. This is a speech being given to a group of undergraduate economic students in hopes to inspire the students’ love of economics even further. Fischer states that an economic degree is rewarding in providing various career paths that could result in high monetary gains and engages in the many issues that are facing society. The ability to understand the issues that are in the economic realm is one of the ways that these new students can shape new policies changes. Economics have a hand in every kind of policy decision, from foreign policies to domestic issues. Understanding the economics behind decisions can help those in power grasp a clearer view on how much a policy could cost in both the short and long run and can help whether the policy change is even feasible with the state of the world’s economic situation. …show more content…

And, second, what can be done to improve economic mobility… [?]…” (Fischer 2016). For the first question. Some of the possible answers are that the economic recession is taking a toll on the possible labor force, making some feel disenfranchised with finding a job. While another possibility is that the population is aging rapidly and does not have an adequate amount of people to replace the older generation. With men between the ages of 25 to 54 are declining in the labor force for reasons such as the of public assistance programs becoming more available or lower-skilled labor becoming less demanded in the market. While other economists believe that with the technological advancements, the need for an unskilled labor force is shrinking, leading to the loss in possible workers in the labor

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