The first premise of Adam Smith’s famous metaphor about an “invisible hand” leading individuals to promote the public interest, although they intend only private gain, was that there is only so much work to go ’round. That is, Smith assumed there was a certain quantity of work to be done — a “lump of labor.” […]
The Guardian newspaper has a story about wages in England: A shortage of factory workers is starting to push up pay rates but wage rises in the services sector remain rooted at around 2%, according to the latest feedback from the Bank of England’s regional agents. The central bank said its agents, which are based […]
A presidential candidate like Donald Trump should not be viable. Candidates he supports should not be viable. The existence of Donald Trump should be a boon for the Democrats. And, in fact, it has been. But it hasn’t been enough. Perhaps four (or eight?) years worth of results will tip the balance for Democrats, but […]
Back in 1934, the Bureau of Labor Statistics produced a fascinating and very readable book entitled History of Wages in the United States From Colonial Times to 1928 : Bulletin of the United States Bureau of Labor Statistics, No. 604. There’s lots of cool stuff there, but it quickly becomes apparent that Colonial America was […]
by run 75441 “The Treadmill and the Poor Law are in full vigour, then?” A Christmas Carol, Charles Dickens “That’s Baloney” stated Rep. Micky Hammon, R-Decatur, Alabama; the immigration bill cosponsor, told the Huntsville Times. “It’s clear the study over estimates the negative and under estimates the positive to skew the result toward an agenda,” […]
(cross-posted from Skippy)
by Mike Kimel Can someone explain to me why people volunteer at for-profit hospitals? I can understand volunteering at a not-for-profit hospital, but how is volunteering at a for-profit hospital different from, say, volunteering at Exxon-Mobil or Wal-Mart?
The standard model of Economic Development is Romer’s (1989, JPE 1990) adaptation* of Solow’s (1956, 1957) Model. Basically, became Y = AKα(HL)(1-α) where the H stands for “human capital,” which multiplies the ability of labor. (Think high-skills labor—construction work, plumbing, teaching—where the worker continually “learns by doing” [op cit., Arrow, 1962]. The additional “human capital” […]
by Mike Kimel Most economists believe that unemployment benefits increase the unemployment rate. The idea is that even having a relatively small income coming in (from unemployment) can encourage people to stay jobless just a little while longer. And no doubt there are people who play the unemployment compensation game fairly well. Now, consider severance […]
By Daniel Becker Now that the story is getting out that Governor Walke et al’s bill is about more than just busting unions, a little bell went off in the back of my head. Yes, I read Shock Doctrine. Yes, I understand the true concept of fascism. I read What would Jefferson do. I read […]