THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Tuesday, December 13, 1994 TAG: 9412130246
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: By MYLENE MANGALINDAN, STAFF WRITER
LENGTH: Medium: 60 lines
Although the country's future is bright, America must develop stronger intellectual skills and fewer brawn jobs to compete in the global marketplace, says Fortune magazine's editor-at-large.
``We're entering an economy where `think' work is more important, where brain work is more important than brawn,'' said Marshall Loeb, the business magazine's editor. ``High-paid jobs that counted more on muscle than mind power are really declining rapidly.''
Loeb will address the future of the U.S. economy and problems at home and abroad at today's Economic Outlook Luncheon sponsored by Old Dominion University College of Business and Public Administration and the Economics Club of Hampton Roads.
Stronger than most people think, America's economy will grow at a moderate, sustainable pace in 1995, he predicted. More employers, especially durable goods manufacturers like automaker Ford Motor Co., are adding to their labor forces.
The restructuring of the economy and technology, especially in computers, has vastly expanded the U.S. economy, making it a dominant player in areas like computer software. The World Economy Forum, a think tank, recently rated the United States No. 1 among the world's countries for the first time in many years.
Regions like Hampton Roads must take advantage of this new global environment, he said.
Hampton Roads should market itself as a reasonably priced international tourist destination. It should develop and draw from its intellectual base of colleges and universities, because other countries want to locate in these ``college town'' areas, siphon consultants from them and invest in them.
``I think that in the future, college towns are going to boom,'' he said, citing places like Gainsville, Fla., and Austin, Texas, as prime examples of growth areas.
``The best investment the people in Norfolk can make is to uplift the quality of education,'' Loeb said. As part of that, the cities in Hampton Roads must cooperate to ensure that companies choose the area or the region's labor force, without worrying about where in the region the companies are located. The entire region benefits from business relocations or intellectual growth, he said.
A former managing editor of Fortune and Money magazines, Loeb has worked in journalism for 50 years since he was 15. He has published a book, ``Marshall Loeb's Money Guide.'' ILLUSTRATION: LOEB SPEECH
Where: Waterside Marriott Hotel, 235 E. Main St.
When: noon today.
Cost: $30 for members of the Economics Club of Hampton Roads, $35
for non-members and guests. Limited seating is available for the
luncheon. Reservations will be accepted until noon today or until
capacity is reached.
by CNB