Deirdre McCloskey explains the Bourgeois Deal


The relative importance of capitalism and the British welfare state in abolishing destitution

HT: Andrew Newell


Behind on my food snob blogging

A Burglar’s Quest | What do burglars steal these days?

When I came out of university, it must have been the golden age of burglary. A VCR would cost $1,000, which was about two weeks’ wages back then. Small televisions could be carried away. They were about a week’s wages.

In these days of dirt cheap electrical goods, a huge flatscreen TV is about $700. I don’t know what you get for that. Not much, I suppose. Second-hand electrical goods don’t go for much these days.

Mobile phones are the new cash cows for burglars and pickpockets. Even then, it costs nothing to download a security app that kills the phone in the event of theft. I’m told the life of a stolen credit card is measured in hours.

Not surprisingly, a major factor in the decline in domestic burglaries is that they are no longer profitable. Supply and demand rules.

A Burglar's Quest Infographic

via Security Infographic: A Burglars Quest |

Milton Friedman (2006) on the ideal monetary policy


The Economics of Immigration


Given the interest and policy relevance (as well as Miles Kimball’s immigration tweet day), I thought I’d write a post on the theory and empirics of the effects of immigration in the labor market.

A simple starting point for thinking about the labor market effects of immigration begins with the supply and demand for labor.


An increase in the number of immigrants increases aggregate labor supply. You can see this in the chart as a rightward shift in labor supply (from S to S’) since the number of people who are willing to work for a given wage increases for all wages. Based partially on this simple framework, some believe that immigration decreases wages. Prominent economists in the immigration literature such as George Borjas espouse this “labor demand is downward sloping” view of immigration and argue that increased immigration adds to the supply of workers and depresses the…

View original post 561 more words

Friedman on Assigning Public Schools by Home Address


Mark Twain on the secrets of success

Price of Job “Flexibility” for Women: Lower Salaries

Kathryn Welds | Curated Research and Commentary

Claudia Goldin Claudia Goldin

Women pay for occupational “flexibility” in smaller paychecks than men in equivalent roles, according to Harvard’s Claudia Goldin, who analyzed higher-paying occupations, and found that women earn an average of 71 percent of men’s wages after controlling for age, race, hours and education.

However, she found significant differences across professional occupations, related to flexibility in work schedule and work location.
For example, women financial specialists earn 66 percent of men’s pay in the same field, but women pharmacists earn 91 percent of their male colleagues’ salaries.  Goldin-Womens salaries as percentage of mens

Comparable salaries were reported for male and female tax preparers, ad sales agents and human resources specialists, attributable to workers’ ability to substitute for each other.
Among medical professions, obstetricians and “hospitalists” have introduced “interchangeability” with trusted colleagues.

This difference is explained by higher pay for roles that require longer hours, physical presence for “office…

View original post 521 more words

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