Lawrence Katz, Elisabeth Allison professor of economics at Harvard University, argues that high salaries in the finance industry have kept young people from entering innovative professions. He spoke during ‘The jobless era’ session, including James Owens, former chairman and chief executive of Caterpillar, and Steven Rattner, former counselor to the US Treasury secretary, at The Economist’s Buttonwood Gathering, October 26-27, in New York City. The session was moderated by Matthew Bishop, US business editor and New York bureau chief for The Economist.