Dan here…I noticed further writing on the macro side of labor and asked Peter’s opinion, and he reminded me of this post. by Peter Dorman (originally published at Econospeak) Why You Should Never Use a Supply and Demand Diagram for Labor Markets You would know this if you read your Cahuc, Carcillo and Zylberberg, but […]
by Joseph Joyce The IMF’s Flexible Credit Line The policy conditions attached to the disbursement of an IMF loan have long been the subject of controversy. In the wake of the global financial crisis, the IMF introduced a new lending program—the Flexible Credit Line—that allowed its members to apply for a loan before a crisis […]
Happy 8th Independence Day, economic expansion! In lieu of a more traditional Independence Day post, in view of the fact that the economic expansion turned 8 years old this week, I thought I would take a moment to highlight how far we have come. Because as mediocre as some things are, we have come a […]
Robert Samuelson At The Washington Post Is Bashing Social Security Yet Again Yet again. I grant that he did not do it at length or present a lot of clearly incorrect nonsense. But bash Social Security he did, using an old ruse to do so, combining it with Medicare to invoke a long term deficit […]
Via Naked Capitalism comes Daniel Gros, Director of the Centre for European Policy Studies, Brussels. Originally published at VoxEU. Here is the introductory summary: Trade and international financial transactions have grown massively in recent decades. This phenomenon, also called globalization, is often described as a ‘mega-trend’. Business and political leaders never tire of repeating that […]
Comments on Profit and Capital Yeah, I know, Marx wrote three volumes on this, and in 2014 Piketty published in English a more than 700 page book on it that ended up on the bestseller list, although neither of these resolved the long-running debates about the nature of profit or of capital, which continue to […]
Muhammed Bin Nayef Bin Abdulaziz Al Sa’ud Confined To His Palace In Jidda, according to the New York Times today. So the story about the now deposed 57-year old former Crown Prince of Saudi Arabia and former Minister of the Interior, Muhammed bin Nayef (MbN), putting out a video supporting his own removal appears to […]
Sandwichman in the FT Financial Times: “The minimum wage wars are heating up: A new study fails to prove its claim that Seattle wage floor hurts workers” by Martin Sandbu, at Free Lunch on FT Alphaville First, the numerical result struggles to pass an intuitive “smell test”. As the Angry Bear blog [cross posted at […]
Dan here…I don’t usually pass along a study that has a company attached to the article itself, but thought this one might be of interest for readers. On government handouts sports, stadiums or schools is the political side of the issue. Stadiums or Schools: An Analysis of Public Expenditures What we found is that ten […]
There has been a lot of very good critique of the methodology of the University of Washington’s study of the minimum wage increase in Seattle. However, I want to repeat and emphasize a very simple point that jumps out. A static low-wage cutoff point, whether it be $19 or $100, automatically reduces the size of the […]