Boston’s 2 sides: How the city can have a booming innovation economy and widening inequality
WBUR - 06/09/2016
The idea that an expanding economy lifts everybody sounds intuitively correct, but sometimes economic effects are counterintuitive. So when it comes to Boston’s booming innovation economy, can we assume that a rising tide will lift all boats?
According to Barry Bluestone, an economist at Northeastern University, the answer is no. “A rising tide may actually sink some boats,” he said.
Bluestone says a chief reason for the dramatic wage disparity in Boston is a jobs miracle: the huge growth in financial services, tech and biotech, which are industries that pay very high salaries. But there are many more people still working in the old economy earning relatively low wages.