Harvard economist Ricardo Hausmann says the U.S. has a chance to invent the manufacturing technology of tomorrow. Rather than trying to bring back manufacturing jobs, the United States could find an advantage in new types of manufacturing machinery.
The U.S. has lost millions of manufacturing jobs since 2000. Industries have moved offshore. America’s trade deficit in physical goods is $738 billion a year.
So what’s the path forward?
"My guess is that developments around information technology, 3D printing, and networks will allow for a redesign of manufacturing. The world will be massively investing in it. The U.S. is well positioned to be the source of those machines. It can only be rivaled by Germany and Japan.", says Hausmann.