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Showcase Your Experts to Generate Media Attention and Grow Business
This blog was initially posted by our friend David Meerman Scott on his blog, read it here Some of your most important assets for securing interest in the media as well as educating your buyers are the experts who work at your organization. As a part of a virtual newsroom or other appropriate place on your site and blog, highlighting your employees is a great way to generate attention. When reporters are looking to quote someone in a story, having a name, photo, bio, and examples of content makes it much more likely they will want to conduct an interview. This is especially true when you are newsjacking. Similarly, when buyers are exposed to the smart people employed at your company, they will be more likely to trust and want to do business with you. Yet most companies feature only the senior management team on the site, not those with particular and interesting expertise. University of Ontario Institute of Technology shines spotlight on faculty researchers For example, the University of Ontario Institute of Technology (UOIT), a public research university located in Oshawa, just outside Toronto, was founded in 2002. That makes it one of Canada’s newest universities. With an enrollment of more than 10,000 students, UOIT offers a range of undergraduate programs, plus graduate programs in science, engineering, health, and information technology. But because it is such a new institution, the marketers and public affairs people at UOIT have to work extra hard to make sure that potential students, donors, partners, and other constituents know about the school. Unlike other universities, UOIT cannot rely on decades of families that send their children and grandchildren to the institution and support it with financial contributions. So one way the school reaches out to new audiences is by promoting with the media the many faculty experts who teach and do research at UOIT. “We focus on the experts within the institution,” John MacMillan, director of communications and marketing at UOIT told me. “We have very few resources, but we have a lot of really interesting people who are focused on very exciting things, like using big data and looking at issues of disability and how it relates to the insurance industry, among other things. We are able to reach the media and people who are organizing conferences or booking speaking engagements.” MacMillan uses the ExpertFile software platform as a way to easily showcase UOIT thought leaders in what they call their Expert Centre. He publishes, promotes, and measures the expert content as a tool to engage business prospects, media, and conference organizers. “We needed to have a way of getting out those important stories that we know are of interest to media, to producers, to editors, but also in many ways to partners, to institutions that might be interested in working with us,” MacMillan says. “And we needed to have a way that did a better job of telling our story to those various groups.” MacMillan started with 26 profiles for faculty in the Expert Centre, and is steadily expanding to a planned goal of 200 profiles. He says that an ideal expert is one who is already comfortable with digital technology. “We’re amplifying the presence of each of those faculty members—whether they are involved in multimedia, whether they have their own websites, or whether they have their own followings—and presenting them in a way that gets some response. Part of their success as faculty members lies in establishing their bona fides with granting authorities or with the government or with others. The Expert Centre augments their legitimacy.” Adding credibility to your newsjacking efforts Having profiles available to the media also helps your newsjacking efforts. When you comment on something that’s newsworthy and a reporter finds it via search, they often want to know biographical information on the person before they quote them. Having a link to the bio of the author of that timely blog post is a great way to add credibility and to increase the liklihood of being quoted. As an example of the action that can come from an Expert Centre profile, MacMillan cites Dr. Isabel Pedersen, an associate professor at UOIT and Canada research chair in Digital Life, Media, and Culture. “She focuses on a sociological perspective of wearable computing devices,” he says. “Her research looks into questions like: ‘When we wear gadgets on our body, how will that shift the reality for us? How will it change the way we interact with other people? How will it allow us to participate in digital culture?’ She is one of the early profiles that we created because she is one of our Canada Research chairs, a distinguished researcher who is working on an area of particular national and international importance.” Dr. Pedersen’s Expert Centre profile contains her bio, photo, links to her Twitter and Google Plus feeds, and a list of past speaking engagements, as well as video content, previews of her book Ready to Wear, and articles she has published. The profile attracted the attention of a reporter from IEEE Spectrum magazine, the publication of the world’s largest professional association dedicated to advancing technological innovation and excellence. “They were working on a story about wearable technology, and they wanted to interview her,” MacMillan says. “That’s a magazine from the U.S. that has a much broader readership than anything we’d be able to position her for, and it came along as a result of somebody seeing her profile and deciding that they wanted to speak with her. That’s an example of where we’ve been able to use our resources in a very efficient way, in a manner that gets a story out well beyond our own physical boundaries and that tells about the uniqueness of the work that’s going on at this university.” A lesson learned from the early days of the UOIT Expert Centre was the importance of having the profiles appear in a consistent voice. “When we started out, our assumption was that the individual faculty members or individual experts would develop their own profiles,” MacMillan says. “We realized that would result in a lack of consistency, so we hired a writer, and her job was specifically to interview our experts and to create a story for each of those experts so that when someone does look at this, they’re looking at a consistent story, a consistent tone, and a consistent brand for the university. I’ve learned from creating our Expert Centre that I share some one of the same challenges as faculty members: if you don’t manage your digital presence actively, someone will do it for you. I like to think that our Expert Centre has helped our faculty to curate their digital content as much as it’s helped our university to strengthen its brand.” The ExpertFile platform Your employees are a great resource for generating interest in the media as well as a way to show potential customers and partners that you are doing interesting work. Showcasing them is easier with the ExpertFile platform, a SaaS application that helps organizations make their experts more visible. In my mind, ExpertFile is to showcasing people what HubSpot is to showcasing content. What’s traditionally held many organizations back is that until now, there hasn’t been an online platform to simply organize the growing base of expert content that is being produced across organizations every day. Yet this content is what many audiences are looking for. They want to easily reference everything from biographies to speaking engagements, to social feeds and multimedia assets. “Experts are a great way to humanize an organization and make it more approachable, yet many marketers struggle with how to best showcase these people online,” notes Peter Evans, founder and CEO of ExpertFile. “Adding expert profiles to various sections of your website such as your media room is an ideal way to create more engagement on your site and drive valuable speaking, media and customer inquiries. Experts are quickly becoming the new frontier for content marketing.” Disclosure: I am on the advisory boards of both HubSpot and ExpertFile. Peter Evans, ExpertFile CEO, is a friend.
Baylor Study: Fear of Missing Out (FOMO) Plus Social Media Connections Can Equal Happiness
FOMO – aka the “fear of missing out” – can have a positive impact on well-being when it leads to social media use that increases social connections, according to a new Baylor University study. James A. Roberts, Ph.D., The Ben H. Williams Professor of Marketing, and Meredith David, Ph.D., assistant professor of marketing in Baylor’s Hankamer School of Business, coauthored the study, “The Social Media Party: Fear of Missing Out (FOMO), Social Media Intensity, Connection, and Well-Being,” published in the International Journal of Human-Computer Interaction. Roberts and David collaborate often and are nationally recognized experts on the effects of technology and social media on relationships and well-being. For this collaboration, the researchers conducted two studies consisting of 565 college students from a large U.S. university to determine the effect FOMO has on social media use, social connection to others and psychological well-being. FOMO is defined in the study as apprehension that others might be having a rewarding experience from which one is absent. According to Roberts, approximately 75% of young adults struggle with FOMO. “The human need to belong is an innate drive that dictates much of our behavior. Social media capitalizes on this need to belong,” Roberts said. “Social media has a dual nature. It lets us interact with others, which is good, but it also exposes us to more social opportunities than we can take part in that fosters a sense of missing out and inadequacy.” The study found: FOMO is a significant predictor of subjective well-being, and social media intensity had a slight significant effect on well-being. Social media is an omnipresent conduit for attempting to make such connections. It is likely that FOMO encourages the use of social media to stay connected. From the first study of 107 college students, David and Roberts gathered data to measure FOMO, social media intensity and social connection. Although FOMO typically has a negative connotation on social interactions, the study showed that the fear of missing out can lead to greater feelings of social connection. “We found that FOMO might actually have a positive impact on social connection through its impact on social media intensity and attachment,” Roberts said. “FOMO drives our use of social media to connect socially with others. Being socially connected leads to happier people.” The second study of 458 college students used the same measures, but also included an assessment on subjective well-being (happiness). The study tested their complete conceptual model in which subjective well-being is an ultimate outcome of FOMO (through its impact on social media intensity and social connection). Roberts said that social media can be a positive resource to help those with FOMO create social interactions, if it is being used actively through online actions such as posting, liking and commenting. “The problem is that people often turn to social media but use it passively – such as creeping on people or viewing pages without interacting – which can then lead to lower levels of happiness because creeping does not foster social connection,” Roberts said. “FOMO can lead to happier people if it drives people to use social media to connect but not simply to ‘creep’ on others.” ABOUT THE STUDY AND AUTHORS James A. Roberts, Ph.D., The Ben H. Williams Professor of Marketing, and Meredith David, Ph.D., assistant professor of marketing in Baylor University’s Hankamer School of Business, coauthored the study, “The Social Media Party: Fear of Missing Out (FOMO), Social Media Intensity, Connection, and Well-Being,” which is published in the International Journal of Human-Computer Interaction. OTHER RESEARCH BY ROBERTS AND DAVID Cellphones Can Damage Romantic Relationships, Lead to Depression People Who Are “Phone Snubbed” By Others Often Turn To Their Own Phones, Social Media For Acceptance Bosses Who “Phone Snub” Their Employees Risk Losing Trust and Engagement When ‘Religiosity’ Competes with Materialism, Charitable Giving Takes a Hit ABOUT BAYLOR UNIVERSITY Baylor University is a private Christian University and a nationally ranked research institution. The University provides a vibrant campus community for more than 17,000 students by blending interdisciplinary research with an international reputation for educational excellence and a faculty commitment to teaching and scholarship. Chartered in 1845 by the Republic of Texas through the efforts of Baptist pioneers, Baylor is the oldest continually operating University in Texas. Located in Waco, Baylor welcomes students from all 50 states and more than 90 countries to study a broad range of degrees among its 12 nationally recognized academic divisions. ABOUT HANKAMER SCHOOL OF BUSINESS AT BAYLOR UNIVERSITY At Baylor University’s Hankamer School of Business, integrity stands shoulder-to-shoulder with analytic and strategic strengths. The School’s top-ranked programs combine rigorous classroom learning, hands-on experience in the real world, a solid foundation in Christian values and a global outlook. Making up approximately 25 percent of the University’s total enrollment, undergraduate students choose from 16 major areas of study. Graduate students choose from full-time, executive or online MBA or other specialized master’s programs, and Ph.D. programs in Information Systems, Entrepreneurship or Health Services Research. The Business School also has campuses located in Austin and Dallas, Texas. Visit www.baylor.edu/business and follow on Twitter at twitter.com/Baylor_Business.
Smooth Operator: When earnings management is a good thing
New research from the Kelley School of Business makes the case that smoothing the numbers can be beneficial – if you’ve got the right team in place to handle the job. Smoothing, in this case, means adjusting accounting reserves up or down. And contrary to the common wisdom that all earnings management is bad, researchers have identified a setting in which it can be good. In a paper titled “Managerial Ability and Income Smoothing,” David Farber, associate professor of accounting at the Indiana University Kelley School of Business at IUPUI, and fellow researchers Bok Baik of Seoul National University and Sunhwa Choi of Sungkyunkwan University find that when high ability management teams use their discretion to smooth bumps in earnings, future earnings and cash flows become more predictable and a firm’s stock price improves. “We found that more capable managers who use discretionary accounting choices to signal future performance provide more useful financial reporting,” said Farber. “Firms with high ability managers who smooth earnings have more predictable earnings and cash flows, and the stock market incorporates that information into a firm’s stock price. High ability management teams are better able to anticipate changes in their firms’ prospects and can therefore better estimate accrual adjustments necessary to smooth their earnings. These managers are trying to communicate to the market by saying, essentially, ‘We had some volatility in earnings this period, but going forward, we expect earnings to follow the path based on the smoother earnings.’” The study also showed that if a firm’s management team is not high ability and they attempt to smooth earnings, the firm will likely see negative implications, like less predictable earnings and lower stock prices. Additionally, the reputations of managers in these firms will likely suffer. A final version of the paper will be published in The Accounting Review, one of the top scholarly accounting journals in the world, in July 2020.
Baylor Study: What Does It Take to Be an ‘Ideal Daughter?’
Researchers say new study gives voice to daughters and value to their role in the family WACO, Texas (Nov. 11, 2019) – The roles of daughters in the family structure and in society are difficult to define and they’re rarely understood – even by daughters themselves – said Allison Alford, Ph.D., clinical assistant professor of business communication in Baylor University’s Hankamer School of Business. Alford, who served as an editor on the book “Constructing Motherhood and Daughterhood Across the Lifespan,” is the lead author on a new study, “Role Expectations and Role Evaluations in Daughtering: Constructing the Good Daughter,” published in the latest edition of the Journal of Family Communication. “Our research has found that ‘daughtering’ is invisible work that is not often credited, and it’s as unique as the individual women who are doing the work,” Alford said. “This study and subsequent conversations hopefully will bring to light the idea of daughtering. And as more people hear about it and learn about it, then we’ll start to give credit to it and notice it in our own lives.” The study centers on mother-daughter relationships, specifically, and looks at how daughters perceive and define their roles in that relationship. Researchers interviewed 33 women, ages 25-45, who have living mothers under the age of 70. Those age ranges were chosen in order to capture a time period for mothers and daughters with the greatest likelihood that neither individual was the caregiver of the other and both were in relatively good health, the researchers wrote. Expectations of the “Ideal Daughter” Alford said analysis of the interviews with the daughters revealed four themes or role expectations for an “ideal daughter” in relation to her mother: Showing respect Providing protection Eliciting mothering Making time for connection Each of those efforts requires work, and that work often goes unnoticed or is undervalued – even by daughters themselves, Alford said. The study noted that many of the women who were interviewed initially – almost naturally – anticipated talking about their mothers instead of themselves. “When asked to think about themselves as daughters and their communication in the relationship, many found themselves doing so for the very first time,” the researchers wrote. “These women noted that putting the emphasis on themselves and describing their role as adult daughters felt strange or awkward in its newness.” Showing Respect Respect, the study showed, was the most common topic addressed by the daughters. Based on the interviews, a daughter’s respect for her mother could be demonstrated by avoiding conflict, silencing one’s disagreement with her mother, reacting positively to her mother’s messages and supporting her mother’s power position. “Daughters demonstrated respect by adapting their communication to affirm their mothers’ competence or otherwise avoid offending and disregarding them,” the researchers wrote. One woman, identified as Kelsey in the study, said she listens to her mother talk about things she dislikes and sometimes apologizes to her mother even when she doesn’t feel apologetic. “I would never say, ‘Mom, I don’t want to hear it,’ because I would never say that to my mom. Ever. I would listen to her … I would listen to her tell me things I don’t wanna hear all day long, and never tell her,” Kelsey said. Providing Protection A number of the adult daughters interviewed felt there was an expectation that they would actively protect their mothers. This could be a daughter protecting her mother’s wellbeing, protecting her mother from being taken advantage of, or protecting her from the disrespectful actions of others, including siblings. One woman, Sabine, described a time when she had to stand up to her brother because she felt he was taking advantage of their mother’s goodwill. In addition, she said she had to “get after” her mother for not employing boundaries with the brother. The examples in the study illustrated that many daughters were happy to be champions for their mothers, but some noted that it was difficult to be protectors. Eliciting Mothering A number of the daughters who were interviewed said they struggle a bit with their roles as adults – or even as mothers themselves – who still need to engage with their mothers and ask for assistance. Many said they still seek interaction and approval from their mothers as a sense of pride. “When a daughter calls upon her mother for guidance or activates a need for an emotional evaluation such as pride, she is fulfilling her role expectations,” the researchers wrote. One woman, Lottie, said of her mother: “She compliments me as a mother. I think I feel like a good daughter when I feel like I am making her proud and she lets me know that she is proud of me … and I guess that makes me feel like a good daughter.” Connection In their descriptions of “good daughters,” a number of the daughters interviewed said it was important to set aside time to connect with their mothers. This, the study showed, could be anything from talking on the phone, meeting face to face, taking grandchildren to visit or even moving to a home nearby. Sometimes the expectations are stated outright by the mothers, but that’s not always the case, the researchers explained. Changing the Language Alford said her research has shown that the “language” of daughtering is almost nonexistent in social discourse as well as in scholarly or popular works. For example, she said, a daughter who is caring or supportive is often described as being “motherly.” “That’s an example of giving credit to mothers as being the only people who care for others, versus saying that the daughter is a caring person or that she’s supportive,” Alford said. “We want to think of daughtering as its own form of work and responsibility and put a value on that, so we can see the value that we’re putting into our family relationships and family systems.” One desired outcome of research into this area, Alford said, is that daughters will be given a voice and their valuable work within the family will be acknowledged. “The work that daughters do is important and valuable and the more that we talk about it and bring it to light, the more that we will understand what daughters can bring to the relationship and improve the mother-daughter relationship,” she said. ABOUT THE STUDY The study, “Role Expectations and Role Evaluations in Daughtering: Constructing the Good Daughter,” is published in the Journal of Family Communication. Authors are Allison Alford, Ph.D., clinical assistant professor of business communication in Baylor University’s Hankamer School of Business; and Meredith Marko Harrigan, Ph.D., professor of communication at SUNY Geneseo. ABOUT BAYLOR UNIVERSITY Baylor University is a private Christian University and a nationally ranked research institution. The University provides a vibrant campus community for more than 17,000 students by blending interdisciplinary research with an international reputation for educational excellence and a faculty commitment to teaching and scholarship. Chartered in 1845 by the Republic of Texas through the efforts of Baptist pioneers, Baylor is the oldest continually operating University in Texas. Located in Waco, Baylor welcomes students from all 50 states and more than 90 countries to study a broad range of degrees among its 12 nationally recognized academic divisions. ABOUT HANKAMER SCHOOL OF BUSINESS AT BAYLOR UNIVERSITY At Baylor University’s Hankamer School of Business, integrity stands shoulder-to-shoulder with analytic and strategic strengths. The School’s top-ranked programs combine rigorous classroom learning, hands-on experience in the real world, a solid foundation in Christian values and a global outlook. Making up approximately 25 percent of the University’s total enrollment, undergraduate students choose from 16 major areas of study. Graduate students choose from full-time, executive or online MBA or other specialized master’s programs, and Ph.D. programs in Information Systems, Entrepreneurship or Health Services Research. The Business School also has campuses located in Austin and Dallas, Texas. Visit www.baylor.edu/business and follow on Twitter at twitter.com/Baylor_Business.
It was a historic election in Georgia that saw changing tastes and shifting tides among voters across the state. The coverage was extensive and the experts from front and center in local and statewide media lending their expert perspectives and opinions to reports and journalists about the results. “A political science associate professor on Georgia Southern’s Armstrong Campus in Savannah says all the women who made history in Tuesday’s election overcame significant obstacles with their campaigns in Bulloch and Chatham counties. “Those three new women beat incumbents and that’s very unusual,” said Dr. Lara Wessel. “So when we see women or men beating incumbents, again we want to look to try to figure out what’s going on behind those election results. “What it says to me is that the citizens of Statesboro and the citizens of Savannah are interested in change.” Dr. Wessel adds that the five women who won elections are much more than trailblazers, they’re local proof female candidates can break through barriers that have held women out of some local political offices for centuries.” November 06 – NBC News Soon, Savannah will be welcoming four new aldermen, and two new alderman-at-large. “It’s majority progressive. It’s majority female. It’s majority community activists. A lot community activists," said Georgia Southern Associate Professor of Sociology Dr. Ned Rinalducci … “We’re going to see a shift to deal with things like affordable housing, homelessness, and less on development and tourism,” said Rinalducci. Rinalducci said the city saw a turnover back in 2015-ushering in more pro-business candidates. He said this election’s shift towards could be a sign of dissatisfaction with voters. “I think clearly there’s some discontent with the priorities of city government previous, and I think that was communicated clearly with yesterday’s election results," said Rinalducci. November 06 – ABC News The coming twelve months are going to be a busy one for political reporters across the state and country. If you are a journalist looking for political experts who can be a solid source of context and perspective for your stories – let us help. Dr. Lara Wessel and Ned Rinalducci are both available to speak to media about politics, elections and issues affecting voters. Simply click on either expert’s icon to arrange an interview. https://fox28media.com/news/local/municipal-election-draws-low-turnout-equates-to-sweeping-changes-in-savannah-races
Why are the wolves of Wall Street so worried about Elizabeth Warren?
Elizabeth Warren started her campaign for the presidency far from being the front-runner. She trailed the likes of Joe Biden and Bernie Sanders dramatically, often in third place or worse and usually in single digits. But her resolve stood, she provided plans and policy planks. And … she found a target and took aim at the wealthy. All of her ideas that include costly policies about health care and education come with billion- and even trillion-dollar price tags. Usually these concepts are laughed off the debate stage – but Warren carefully and strategically costed them out. And those covering the costs of her ideas are the banks along with the rich and wealthy. Her ideas caught fire with supporters and now Warren is seen as a legitimate contender for the White House. It has some nervous and many taking notice. It’s a role that Ms. Warren unabashedly embraces, as an increasing number of voters, as well as a few veterans of the finance industry, see her as the policymaker who can address the growing wealth gap in the United States and take on the corruption and excess in the business world. Ms. Warren has made battling corporate greed and corruption a central theme of her fiercely populist campaign, mixing anti-elitist oratory with policy plans calling for sweeping new regulations. On Friday morning she released an ambitious proposal to pay for her “Medicare for all” program, with provisions directly affecting Wall Street: aggressive new taxes on billionaires, an additional tax on financial transactions like stock trades and annual investment gains taxes for the wealthiest households. Just hours later she told an audience in Iowa: “Our democracy has been hijacked by the rich and the powerful.” Interviews with more than two dozen hedge-fund managers, private-equity and bank officials, analysts and lobbyists made clear that Ms. Warren has stirred more alarm than any other Democratic candidate. (Senator Bernie Sanders, who describes himself as a socialist, is also feared, but is considered less likely to capture the nomination.) November 04 – New York Times Are you a journalist covering the race for the Whitehouse? Then let our experts help. Dr. Stephen Farnsworth is professor of political science and international affairs at the University of Mary Washington. A published author and a media ‘go-to’ on U.S. politics, he is available to speak with media regarding this topic. Simply click on his icon to arrange an interview.
At first glance, it just seems like an obvious next step as online retail and same day delivery are pushing forward at lightening speeds. But recently, companies like UPS, CVS and WakeMed are exploring the idea of drugs and other health related items being delivered by drone. An M2 drone developed by UPS partner Matternet made the deliveries. The drone flew autonomously but was monitored by a remote operator who could intervene if needed. In each case, it hovered about 20 feet above the delivery destination and lowered its package to the ground using a winch and cable. The deliveries mark an expansion of UPS' partnership with Matternet, established in March to deliver medical samples using unmanned drones at WakeMed's flagship hospital and campus in Raleigh, North Carolina. The partnership has logged more than 1,500 drone deliveries at WakeMed so far. UPS subsidiary UPS Flight Forward (UPSFF) plans to build out its ground infrastructure to expand to other industries. "UPS is exploring and developing drone delivery in various industries, including some that need drone delivery to homes," said company spokesperson Kyle Peterson. The residential deliveries also represent an expansion of UPS' partnership with CVS. UPS began setting up package pickup and return locations in CVS stores nationwide this summer. The two are collaborating to develop drone delivery options, and UPS plans to expand drone deliveries beyond healthcare facilities. November 08 - TechNewsWorld https://www.technewsworld.com/story/86342.html It’s fast, and convenient – but is it right? Morvarid Rahmani has these findings that relate to the newest drone capabilities and approval to move forward from the FAA: It is exciting to hear about the FAA approval of using drones for delivering medical packages. Using drones to deliver medical packages can give rural communities access to products and medical supplies, which they would not be able to access otherwise. This delivery model is a way of incorporating social concerns and conditions of underserved populations into business practices. ·Successful implementation of inclusive business practices requires collaboration of for-profit firms with the public sector, civil society organizations, and communities. Using drones to deliver medial packages is a great example of collaboration between a governmental agency and for-profit companies, which is toward the dual goals of promoting efficiency and inclusion. Technology-driven innovations such as delivery drones or driverless vehicles not only facilitate last-mile delivery, they help with the inclusion of new sets of “customers”, especially those in remote locations or rural areas with poor infrastructure. Delivery drones are results of “technology push,” i.e., the solution came prior to the identification of the problem. These technologies enable inclusive retailing and distribution for large (excluded) communities all over the world. We know other retail giants (Amazon, Walmart, etc.) are going to use drones in the future but are they eyeing this option too or do they already have a plan ready? Do the risks outweigh the reward when it comes to safety and ensuring the proper prescription reaches the right patient? Is there enough oversight to ensure that criminal elements or corruption are kept at bay? Who is liable for the delivery? Or, is this just part of our evolving world that is coming and that it needs to be regulated by accepted? There are a lot of questions about the technological advancement of drones in supply chain – if you are a journalist covering this topic – let us help with your coverage. Morvarid Rahmani is an Assistant Professor of Operations Management at Scheller College of Business at Georgia Tech. She is an expert in the areas of research is on collaboration in work processes such as new product development, management/IT consulting, and education. Dr. Rahmani is available to speak with media regarding this topic – simple click on her icon to arrange an interview.
The Great Recession: The downturn that wouldn’t end
The Great Recession ended 10 years ago, but University of Rochester economist Narayana Kocherlakota says it is still very much with us. David Primo, associate professor of political science and business administration, agrees that the country continues to feel the effects of the recession, though his take differs from Kocherlakota’s. And Lisa Kahn, a professor of economics at the University of Rochester, sees another lasting effect from the Great Recession. “Unemployment is very low right now, leading people to think that we’ve recovered,” says Kocherlakota. “Income levels, however, are now as much as 15 percent below where they might have been, if not for the recession.” Many economists blame the income slowdown on a natural decrease in the rate at which new ideas are discovered. But Kocherlakota, former president of the Federal Reserve Bank of Minneapolis, attributes it to something else. “Businesses don’t want to lock up money in physical investments because they’re nervous about another Great Recession,” he says. “That’s why there’s less innovation, and that’s why we have an income slowdown.” The Great Recession began in December 2007 after the bottom fell out of the US housing market. That was followed by a shortage of assets in the financial markets and the collapse of the financial sector, including banks, credit card companies, and insurance companies. The recession, the worst in the US since the Great Depression of the 1930s, officially lasted through June 2009, though unemployment levels didn’t peak until October of that year. According to Primo, the losers were homeowners, among others. The banks, which many observers say bear some responsibility for the recession, were bailed out by the government, while homeowners were not. That perceived double standard has led to the Occupy Movement, support for Democratic presidential candidate Bernie Sanders, and the election of Donald Trump, according to Primo. “Economists may be 100 percent correct in saying it was necessary to bail out the banks,” says Primo. “But that’s a difficult political argument to hear if you lost your house, while banks were bailed out.” Says Kahn: “Many firms take the opportunity provided by a recession to introduce technologies that reduce their reliance on workers. In the old days, we had bank tellers giving out money; now machines can do that,” she says. “In manufacturing, we’re shifting more and more to machines instead of workers. And a lot of that shift takes place during recessions.” Kahn points out that wages and employment have been falling for the last 30 years in exactly the types of jobs that are increasingly performed by machines. Kahn identifies an additional recession-related phenomenon, one that specifically targets college graduates. “It has always been bad to graduate during a recession,” says Kahn. “But the lost earnings from the Great Recession are much larger than they were in previous downturns, and it’s something that will stay with them long term.” Not only are fewer jobs available, the graduates find themselves competing against experienced workers who had recently been laid off. The net result is persistently lower wages.
U.S. economy continues to expand, but at a slower pace, reaching about 2 percent growth in 2020
INDIANAPOLIS -- The U.S. economy will continue to expand for a 12th consecutive year in 2020, but by only about 2 percent and struggling to remain at that level by year's end. Indiana's economic output will be more anemic, growing at a rate of about 1.25 percent, according to a forecast released today by the Indiana University Kelley School of Business. Over the past year, political dysfunction and international trade friction have disrupted supply chains and eroded both consumer and business confidence. U.S. employment has grown during 2019 but will decelerate throughout 2020, well short of 150,000 jobs per month and possibly to about 100,000 by year's end. A tight labor market will continue to be an issue for many companies. "The total number of job openings in the economy peaked in late 2018," said Bill Witte, associate professor emeritus of economics at IU. "Average hours worked have been flat over the past year, and auto sales have been flat for nearly two years. Given the reliance of the U.S. economy on consumer spending, these are disturbing signs. But they are vague signs, and not enough to convince us that the end of the expansion is in sight. "We expect that growth will be weaker than in the past two years, and this outlook is likely a best-case outcome," he added. "There is massive uncertainty in the current situation." The Kelley School presented its forecast this morning to Indianapolis community and business leaders at IUPUI. The Business Outlook Tour panel also will present national, state and local economic forecasts in seven other cities across the state through Nov. 20. Indiana's more meager economic growth expected in 2020 can largely be attributed to the outsized presence of manufacturing and particularly tight labor markets, said Ryan Brewer, associate professor of finance at Indiana University-Purdue University Columbus and author of the panel's Indiana forecast. Manufacturing contracts more rapidly versus other areas of the economy, and tight labor markets limit employers' capacity to grow, he said. Expectations about business investment have fallen short, and corporations have been buying back stock instead of making capital investments. The trade war with China and slowing global expansion have also affected state manufacturers. The world is about to record its slowest economic growth since the financial crisis of 2009. Next year, global growth is projected at 3.4 percent, with downside risks continuing to build. China and the European Union each face structural issues amid tariffs imposed by the United States. Brexit remains unresolved. Recent data from the Institute for Supply Management showed that manufacturing activity has slowed to its lowest rate since the beginning of the Great Recession. Indiana has sought to diversify its economy in recent decades, but manufacturing output represents nearly 28 percent of gross state product. Indiana continues to lead the nation in manufacturing employment, with more than 17 percent of its jobs in that sector. "Constrained by a historically tight labor market, Indiana is expected to experience slow growth in jobs and gross output, along with the possibility for continued rising wages," Brewer said. "With fewer and fewer available people to hire, tightness of the Indiana labor markets will serve as a drag to output and employment growth." The outlook for the Indianapolis-Carmel-Anderson metropolitan statistical area is slightly better, with expected growth between 1.5 and 2 percent. "Indianapolis continues to draw in talent and investment that should help it exceed the overall state level of growth," said Kyle Anderson, clinical assistant professor of business economics. "However, there is risk that weakness in the broader economy, and especially weakness in manufacturing, could make this forecast too optimistic." Other highlights from the forecast: The national and state unemployment rates will hold steady. The nation's rate could be below 4 percent by year's end, and the state will stay at or below full employment through 2020. Inflation will rise and end 2020 close to the Federal Reserve's 2 percent target. The stock market will struggle to get average returns with headwinds from trade, supply chain disruption and policy uncertainty. Earnings continue to exceed expectations, yet lack of definitive trade consensus continues to drive headwinds. Interest rates will remain low. The 10-year Treasury rate should stay below 2 percent and mortgages below 4 percent. Speculative grade bond yields have been rising, indicating increased risk of insolvency for marginal firms. Entry-level wage growth could cause costs to rise, earnings to fall and growth to stagnate for firms heading into 2020. Energy prices will be relatively stable, with average prices similar to those in 2019. Business investment will remain weak, although a little improved from this year. Housing will achieve a meager increase, ending two years of negative growth. Government spending will grow, but much more slowly than the past year, as the impact of the 2018 budget deal ends. The starting point for the forecast is an econometric model of the United States, developed by IU's Center for Econometric Model Research, which analyzes numerous statistics to develop a national forecast for the coming year. A similar econometric model of Indiana provides a corresponding forecast for the state economy based on the national forecast plus data specific to Indiana. A select panel of Kelley faculty members, led by Indiana Business Research Center co-director Timothy Slaper, then adjusts the forecast to reflect additional insights it has on the economic situation. A detailed report on the outlook for 2020 will be published in the winter issue of the Indiana Business Review, available online in December. In addition to predictions about the nation, state and Indianapolis, it also will include forecasts for other Indiana cities and key economic sectors. Presenting the forecast at the Indianapolis Business Outlook Tour event were Phil T. Powell, associate dean of Kelley academic programs at Indianapolis and clinical associate professor of business economics and public policy; Cathy Bonser-Neal, associate professor of finance; and Anderson.
Fifty years ago, the first computer-to-computer connection was made through ARPANET, the precursor to the modern internet. What will the internet look like 50 years from now? That's the topic of a new report by Elon University's Imagining the Internet Center and Pew Research. The report, "The Next 50 Years of Digital Life," is part of a series on the future of the internet and features insights from 530 technology pioneers, innovators, developers, business and policy leaders, researchers and activists. They were asked to respond to a series of questions about how individuals' lives might be affected by the evolution of the internet during the next 50 years. “In just 50 years the internet grew from a handful of interlinked computers to a worldwide network connecting billions of active users across all corners of the globe,” said Kathleen Stansberry of Elon University’s Imagining the Internet Center, the lead author of the report. “This vast experiment in human collaboration has not been without cost, but these experts believe that by enacting thoughtful reform today the vision of the internet as a tool of equality and enlightenment can still be realized.” Overall, 72 percent of these respondents said they hope and expect that the next 50 years might bring significant change for the better; 25 percent say they fear there could be significant change for the worse and 3 percent said they expect there will be no significant change. You can find a list of key themes from the report here, and the full report, including scores of comments from experts, here. If you're interested in talking with Professor Stansberry about the report, please reach out to Owen Covington, director of the Elon University News Bureau, at ocovington@elon.edu or (336) 278-7413. Professor Stansberry is available for phone, email and broadcast interviews.
