The result is more and better jobs for Michigan workers. Michigan Labor Market Information Fast Facts Your source for recent employment trends, wages, detailed industries, and jobs in demand. Please forward this error screen to vps8341. Energy Community Leader 2011, World Economic Forum.
The economic progress of past decades has seen hundreds of millions of people enjoy major improvements in their material well-being, and these changes have been particularly noteworthy in the emerging economies. We all understand how globalization and market liberalization have underpinned these developments, but we must not lose sight of the crucial enabling role played by the energy sector. In times of economic turbulence, the focus quite rightly falls on jobs. The energy industry is known for being highly capital intensive, but its impact on employment is often forgotten. Beyond its direct contributions to the economy, energy is also deeply linked to other sectors in ways that are not immediately obvious. For example, each calorie of food we consume requires an average input of five calories of fossil fuel, and for high-end products like beef this rises to an average of 80 calories. Looking towards the decades ahead, this nexus will come under huge stress as global growth in population and prosperity propel underlying demand at a pace that will outstrip the normal capacity to expand supply.
New and healthy forms of collaboration that cross traditional boundaries, including national, public-private, cross-industry and business-civic, will be required to address these challenges. Frameworks that encourage collaboration while also being respectful of the different roles of different sectors of society will need to be developed rapidly. While easy to say, this could prove difficult to achieve. These types of economic stressors could lead to turbulence as well as political volatility. If the impacts of these stressors are distributed unevenly across society, suspicion, blame and a deeply felt sense of injustice among many people could follow.
From this, hostility and opposition could arise even to investments that would ultimately help relieve the strain on resources. It is up to industry to take the lead in this endeavour. Nobody will do it for us. Business can only thrive in a healthy society.