We are the 36%

The other day it occurred to me that I am part of “the other 98%”. I don’t believe it. . . . → Read More: We are the 36%

Want to be stinking rich? Major in economics.

The title says it all: “Want to be stinking rich? Major in economics.” . . . → Read More: Want to be stinking rich? Major in economics.

Taxes v1.0 and v2.0

Virtually everyone complains about taxes. But where would we be without them? . . . → Read More: Taxes v1.0 and v2.0

Labor Day in the United States

With the U.S. economic malaise now continuing into its fourth year, it would seem that there is little to celebrate this Labor Day. This would be the wrong conclusion to draw. . . . → Read More: Labor Day in the United States

Labor Income

With the slack in econmic growth, labor income won’t appreciably increase, if it increases at all, during 2007. We can therefore have our first look at the development of labor income during the eight years of the George W. Bush administration. The picture isn’t pretty. . . . → Read More: Labor Income

Cash or Fringe Benefits—Which Would You Rather Have?

Workers’ wages and salaries have been stagnant: A mere 0.9 percent in the five years from 2000 to 2004. In contrast, the value of pension contributions and health insurance has increased by 7.3 percent. What is this 7.3 percent increase in the dollar value of fringe benefits paid by employers worth to employees who have had almost no cash-in-the-wallet pay increase over the past five years? . . . → Read More: Cash or Fringe Benefits—Which Would You Rather Have?

Raising Up the Poor

To understand why abolishing the minimum wage is a superior solution, understand that all of us are paying for the poor anyway. The only question is if it is done efficiently or inefficiently. Currently, government saves a budgetary dollar by requiring all businesses (and their customers) to pay minimum wage even if it goes to the teenagers running America’s malls. Better to target assistance to the poor directly. . . . → Read More: Raising Up the Poor

Labor Day

The first Monday of September is labor day. Today, it means scarcely more than having a day off, the beginning of election season, and the end of summer. How sad. There ought to be shouts of joy and jubilation celebrating our accomplishments and those of our forebears: Labor day honors working people. . . . → Read More: Labor Day

Another Millennium is Coming: A Long-run View of our Economic Achievements

In January 1998, University of Chicago economist and Nobel Laureate Robert Fogel gave his presidential address to the annual American Economic Association meetings in New York City. Fogel, an economic historian, used part of his address to remind us of how astonishingly rich we humans have become. . . . → Read More: Another Millennium is Coming: A Long-run View of our Economic Achievements