Deirdre McCloskey on Piketty’s definition of wealth in the Age of Human Capital

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Three Theories of Justice

Ethical Realism

I will discuss three theories of justice: Mill’s Utilitarianism, Rawls’s Justice as Fairness, and Nozick’s libertarianism. Much of my understanding of theories of justice comes from Business Ethics (Third Edition) by Willian H. Shaw. I will expand my discussion of justice by considering objections to each of these theories, but I do not necessarily endorse any of the objections and there could be good counterarguments against them.

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Africa’s military spending spree

https://twitter.com/EconBizFin/status/536308656368025600

Public opinion on conspiracy theories

via Public opinion on conspiracy theories.

Again with the 90-day trial

Groping towards Bethlehem

Several years ago, New Zealand law was changed to allow smaller employers a 90-day trial period for new employees (yes, you wag, ‘smaller’ is measured in number of employees not in centimetres). In the trial period, employers could simply let people go, no harm, no foul. This provision was later extended to all employers.

The Council of Trade Unions did not approve in 2010:

The 90-day trials are part of a “low road” approach to employment. In the 1990s this road led employers to rely on low wages and skills, building a distrustful and ultimately unsustainable workplace environment. It corrodes the trust required for those wishing to take the “high road” of long term, respectful employment relationships which strengthen productivity, skills, work satisfaction, and wages.

According to CTU President Helen Kelly, it still does not approve in 2014:

“The infamous 90 day trial period is a flop. There is…

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Milton Friedman on Public Schools and School Choice

Got drunk last weekend, either stole a cat or it followed me home–charlottesville.craigslist

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So this post is pretty straightforward — if the cat in the picture is yours please email me. I got pretty drunk last weekend and when I woke up (around 9AM this past Sunday) there was a cat sleeping in the corner of my room. No collar but seems trained.

via Got drunk last weekend, either stole a cat or it followed me home.

Explaining The Gender Wage Gap

The Dish

Economist Claudia Goldin suggests that a bias against workplace flexibility is to blame:

Many companies still richly reward people who are available and work long, continuous hours, Goldin says. They give premium pay to certain key players – mostly men who don’t take time off for children or aging relatives. So women or men who need flexible schedules obtain them “at a high price, particularly in the corporate, finance and legal worlds,” Goldin writes in her paper. Technology and science fields are better off in pay equity, as are certain health care careers. … “It isn’t, quote, a women’s issue,” says Goldin in an interview with Quartz. The pay disparity shows up equally when male MBAs need reduced schedules or time off for personal or family needs.

Previous Dish on the wage gap and workplace flexibility here, hereherehere, and here.

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US – The education gap is a main reason for the growing income divide says Standard & Poor

Job Market Monitor

Technological achievement has saved us time and reconfigured our daily routines, allowing us to focus on our own skills and boosting productivity and growth. These advances are naturally disruptive in the beginning as workers adjust; that disruption becomes alarming when people don’t have the means to adapt, making a lasting impact on career development.

Although the U.S. has been fairly quick to adapt in the past, today’s workers have been left behind by technological change. Indeed, while recent advances now require many workers to have graduated from college, the supply of college-educated workers hasn’t kept up with demand–and even the fraction of high school graduates has stopped climbing.

This education gap is a main reason for the growing income divide, and it affects both wages and net worth. From a wage perspective, occupations that typically require postsecondary education generally paid much higher median wages ($57,770 in 2012)–more than double those…

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The new board game for the Left over Left

https://twitter.com/TartanTantrum/status/536072856309084161

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