2014 Tutu Fellow Ada Osakwe has been asked by the President of the African Development Bank Group, Dr Akin Adesina, to serve on a 12-member Presidential Youth Advisory Group (PYAG). The members of the group will advise the President and the Bank on innovative ways for rolling out the bank's Jobs for Youth in Africa Initiative, which aims to create 25 million jobs and equip 50 million youths with skills in Africa by 2025.
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In the latter half of the 1980s, a debate ensued between two camps of economists roughly grouped around the views of Edward Prescott, on the one hand, and Lawrence Summers, on the other.
Prescott argued that by and large, the booms and busts of the economic cycle were due to “technological shocks”; and Summers dismissed the notion as speculation not supported by evidence.
Over the years, the ‘technological shock’ model of economic shifts (TS) has surfaced over and over again in many forms, rising to the occasion whenever the debate over cycles rears its head.