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A new indicator of economic development: How many years would you work to buy your life?

Although most people find it distasteful to put a dollar value on human life, people have been doing it for centuries and these judgements have always had a big impact on people.   Before the 1960s, the motivation for putting an

Posted in Development, Health, Inequality, Medianism, MELI & Econ Stats, Public Finance

Median individual income is still fairly stagnant, particularly for men.

The Census just announced a historically rapid rise in median household income which is cause for celebration, but the reason why it rose is a bit less heartening.  Basically, households are working more hours.  The median earnings of individuals is still somewhat stagnant:

Posted in Inequality, Medianism

Krugman is confused about whether inflation or taxation is more contractionary!

Krugman writes: …a deficit ultimately financed by inflation is just as much of a burden on households as one ultimately financed by ordinary taxes, because inflation is a kind of tax on money holders. From a Ricardian point of view,

Posted in Inequality, Macro, Public Finance

Why is Trump’s America upset?

Charles Murray recently wrote a Wall Street Journal essay arguing that, “Trumpism is an expression of the legitimate anger that many Americans feel about the course that the country has taken.”  In particular, he says that increasing inequality since the 1970s has caused white

Posted in Inequality, Public Finance

Inequality decimates the heroes of the cult of the entrepreneur

Webster has two definitions of ‘entrepreneur’.  The first definition is “a person who starts a business and is willing to risk loss in order to make money.” By this definition, high inequality creates a lot of entrepreneurs. Extremely poor people

Posted in Development, Inequality, Managerial Micro

How Ronald Reagan’s secret entitlement program will eventually end homelessness.

Which is the cheapest accommodation? A one-room apartment. A jail. A hospital room. Which is the cheapest labor? A social worker. A criminal-justice worker (police, lawyer, judge, etc.) A healthcare professional (doctor, nurse, etc.) For both questions, #1 is the

Posted in Health, Inequality, Labor

Elites are more important than everyone else because much of our wellbeing depends on them.

There is vast difference between the lives of ordinary people north of the Rio Grande river versus the people to the south.  There are even greater differences between the lives of people across other arbitrary political borders like between North

Posted in Inequality, Macro, Medianism

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