Managerial Econ: Why are wages decreasing and employment increasing in Great Britain?
19 Sep 2014 1 Comment
in applied price theory, labour economics, labour supply, welfare reform Tags: British economy, wage flexibility, welfare reform
The simplest explanation is that supply is increasing: as supply increases output increases real prices fall and output increases.
The Financial Times shows the data and puts forward several explanations:
(1) welfare reforms are pushing people off the dole and into the labor force;
(2) older workers are choosing to retire at a later age.
Both explanations would imply an increase in supply.
via Managerial Econ: Why are wages decreasing and employment increasing in Great Britain?.
Gary Stanley Becker (1930-2014): Through My Austrian Window
18 Sep 2014 Leave a comment
in economics
by Mario Rizzo
It is tempting to over-romanticize a person when he or she is gone. I will strive to be balanced in keeping with how I feel and think about Gary Becker.
I am saddened by his recent death (May 3rd). I have known him since at least 1974 – some forty years. He was not on my dissertation committee but he took a strong interest in and liking to my dissertation on the effect of crime on property values. I audited his version of the first-year sequence in price theory at the University of Chicago. It was, in my view, the best of the three versions I was exposed to. He was a little scary insofar as he lectured and then suddenly would call on a student with a question. Since I was an auditor only, my name did not appear on the class list so I escaped…
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Utopia, you are standing in it! 
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