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…
Blog Archives
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…
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…
The Emasculization Of The American Workforce
A Brookings Institution paper by Michael Greenstone and Adam Looney has a particularly salient introductory quote about male workers. Not only did the median income stagnate after the 1970s, but median male income plummeted. A lot of great things happened…
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…
Lies (or Stupidity), Damned Lies (or Stupidity), and Statistics
A family member who has a history of opposition to efforts to reduce racial discrimination emailed me an article by Paul Sperry entitled, “Eric Holder believes all cops are racists…” Sperry claims that Holder’s efforts to reduce unconscious racial bias have…
Medianism 