EconLog | Arnold Kling | Nice SentenceGood sentence, but I would make it better by modifying it to:
From Ed Glaeser.
Unemployment represents a crisis of imagination, a failure to figure out how to make potential workers productive in the modern economy.That might be a one-sentence articulation of PSST.
Unemployment represents a crisis of imagination, a failure to figure out how to make potential workers productive in the modern economy or a corresponding failure by workers to figure out how to make themselves productive for others.For example, Joe "Master of Puppets" Therrien is not unemployed because employers have failed to imagine a way to make him productive. He is unemployed because he has failed to imagine a way to produce something other people will voluntarily pay for.
Potential workers aren't just entities sitting idle that other people have an obligation to figure out what to do with. That's the impression I get from the original version. I don't think Glaeser or Kling actually intend that, but many (including Obama) often sound like they do.
PS If I was really going to edit the original, I would propose changing "crisis of imagination" to "crisis of problem solving." But that's a smaller matter.