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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

How much inequality is ideal within your workplace?

Nicholas Fitz at Scientific American has a good summary of recent research about American perceptions of inequality. Answer two questions below to test yourself and see how your answers compare with the average American. 1) How much more should CEOs get paid

Posted in Inequality, Managerial Micro, Medianism

Welfare For Entrepreneurs

‘Extraordinary Bodies (Photo Exhibition)’ by Chris Big businesses is the most important part of the economy to get right because big organizations are where most productivity-enhancing innovations are created.  The vast majority of entrepreneurs work in low-productivity-growth businesses.  But entrepreneurship is

Posted in Development, Inequality, Labor, Managerial Micro

The minimum wage is a nothingburger unless your wage depends on it.

Opponents of the minimum wage think that it creates all sorts of horrible problems for the economy.  For example, Millionaire Fast-Food CEO, Andrew F. Puzder has been fighting the minimum wage because he claims that it is the reason why the US

Posted in Inequality, Labor

Why we should abolish the national minimum wage

Updated 4/12/2018 Arindrajit Dube wrote a paper in 2004 that explains several ways that the minimum wage is flawed in the US, including: The minimum wage is too low. It isn’t adjusted for inflation. It isn’t adjusted for local cost of living

Posted in Inequality, Labor, Medianism

Robert Samuelson Bravely Bashes The Uppity Middle Class

Robert Samuelson is an economics columnist for the Washington Post who is usually wrongheaded.  I suspect the only reason that he has his prominent position is that he has the same last name as one of the most influential Nobel

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Posted in Inequality, Medianism

Pew Stokes Racial Tensions While Median Wealth Stagnates

Yesterday the Pew Research Center released analysis based on new Fed data that shows that median black net worth is less than it was thirty years ago.  Median net worth for whites has grown an average of about 1% over

Posted in Discrimination, Inequality, Medianism

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