The City of Rochester has what it takes to become a major driver of national economic growth. That鈥檚 according to the Ford Professor of Economics at the Massachusetts Institute of Technology and co-author of聽the new book 聽(Hachette Book Group, 2019).
The MIT economist will be at the University of Rochester on April 17 to speak about Rochester鈥檚 potential.
“Gruber鈥檚 latest book details all the 鈥榠ngredients鈥� necessary to drive economic growth based upon cities ripe to become technology hubs. Of the factors that he considered, Rochester came out on top among more than 100 cities,鈥� says University Provost Robert Clark. 鈥淲e are pleased to have Jon launch his book here in Rochester.鈥�
Right now the US economy is growing slowly, and economic opportunities are concentrated in a few cities on the country鈥檚 coasts. But that could change, says Gruber:
鈥淩ochester has a large and highly educated workforce, a聽fantastic University base, and a high quality of life, making it an聽ideal candidate to become a next-generation technology hub.鈥�
Gruber, an expert on the economics of health care, served as a technical consultant for the 鈥攃ommonly referred to as Obamacare鈥攁nd was a key architect of Massachusetts鈥� health reform effort under then-Governor Mitt Romney.
Jump-Starting Rochester
A panel discussion with MIT professor Jon Gruber
- Staci Henning of the
- Robert Duffy of the
- James Senall of
April 17
Hawkins-Carlson Room at the University鈥檚 Rush Rhees Library on the River Campus
6:30 p.m. to 7:30 pm
Followed by a book signing by Gruber.
Gruber will first speak and then participate in a panel discussion about Rochester鈥檚 economic potential. He is joined by Staci Henning, the executive vice president and chief marketing officer of the , Robert Duffy, the president of the , and James Senall, president of
Once a beacon of optical manufacturing with world-renown companies such as , , and Rochester has seen a sharp economic decline since the late 1980s and nineties when these companies shed thousands of jobs.
Kodak, which at the height of its economic prowess employed 62,000 people in the area鈥攁ccounting for half of the area鈥檚 economic activity鈥攈ad become a way of life, heavily involved in all aspects of the City鈥攆rom sponsoring sports leagues to being Rochester鈥檚 main patron of the arts. In 2012, Kodak declared bankruptcy. Today, just a shell of its former self, Kodak has around 1,500 employees in the area.
Instead, the University has become Rochester鈥檚 largest employer (with the substantial financial support of Kodak鈥檚 late founder George Eastman) with its network of local hospitals in addition to its three academic campuses鈥攖he Eastman School of Music, the School of Medicine and Dentistry, and the River Campus.
In the new book, Gruber and his coauthor, , the Kurtz Professor of Entrepreneurship at MIT and a former chief economist to the International Monetary Fund (IMF), argue that a return to broader prosperity in the US should begin with a lesson from the past. Over the two decades after World War II, the federal government invested massively in science and technology, resulting not only in the inventions that changed Americans鈥� lives, but a broad and highly paid middle class, they note. Without this kind of significant public investment, private enterprise will not build the scientific foundation needed for the cutting edge industries and good jobs of tomorrow.
Together , identifying 102 urban communities that are plausible next generation tech hubs, all with large聽populations, highly educated workforces, and a low cost of living. Rochester tops that list.
