Yes Minister Special Sketch (Christmas at the ministry)- 1982
25 Dec 2017 Leave a comment
in television Tags: Yes Minister
Chris Rock – Obama having a Black wife and issues on interracial dating
25 Dec 2017 Leave a comment
in economics of love and marriage Tags: dating market
Benefits of energy for all
24 Dec 2017 Leave a comment
in development economics, energy economics, environmental economics Tags: energy poverty, The Great Escape
Remember this the next time a lefty prats on about the top 1%’s wealth @EricCrampton
24 Dec 2017 Leave a comment
in applied price theory, development economics, growth miracles, human capital, poverty and inequality
#Dailychart: In almost every country, mortality rates fell during the four decades to 2010 econ.st/XUYuSn http://t.co/kTg4oyQPRY—
The Economist (@ECONdailycharts) September 23, 2014
21 Strategies to Solve Congestion
24 Dec 2017 Leave a comment
in economics
So your city has traffic congestion. Welcome to the club. Congestion not only wastes time, it increases pollution and crashes. While this undoubtedly annoys you as a traveler, it could be worse; your city might not have congestion because no one wants to be there. Still, it would be great to have a thriving city without congestion. People could reach more destinations in less travel time, and thus have more time to spend doing the things they wanted. If you figure it out, let us know.
Congestion, due in part to weather, on I-94.
Political double-speak today “addresses congestion” rather than “solves congestion” (almost twice as often according to Google). This is probably because policy-makers want to sound like they are doing something without promising anything. But I don’t think talking to congestion accomplishes much.
There are a number of proffered solutions out there. Congestion is, in principle, a mostly…
View original post 3,118 more words
#FightFor15 must have been an ambit claim?
24 Dec 2017 Leave a comment
in applied price theory, labour economics, minimum wage, politics - USA
https://twitter.com/EconBizFin/status/626687442834300928
The fight for $15 movement in the minimum wage could not have been serious about doubling the minimum wage to $15.
Perhaps to their own surprise, they won despite living in what they say is an oligarchic political system dominated by the rich which keeps the poor poorer and poorer.
Why California’s #minimumwage will backfire, Part I: CA is business-hostile now@Mark_J_Perry goo.gl/7wbr14 https://t.co/y1pF4UGATK—
AEIdeas Blog (@AEIdeas) April 05, 2016
California, New York, San Francisco and Seattle are among the states and cities increasing their local minimum wages, currently of up to $12, to $15 by 2021 or 2022.
There is nothing special about minimum wages when it comes to mandating wage rises. If it is safe to double the minimum wage, it is safe to double everybody’s wage. That logic is undeniable.
The efficiency wage and inequality of bargaining power arguments that suggest that the wage rise will be paid out of employers’ profits are not special to minimum wage employers.
https://twitter.com/dylanmatt/status/720786520509165568
If minimum wage employers can handle a doubling of their labour costs, any employer can handle the doubling of the cost of employing any of their employees?
Some such as Arindrajit Dube say that these very large wage increases by cities and states in their federal system are experiments “worth running and monitoring” (Lane 2016). As Dube said recently:
“… 30 to 40 percent of the California workforce will get a raise … This will be a big experiment. It’s far outside of our evidence base… If you’re risk-averse, this would not be the scale at which to try things. On the other hand, if you think that wages are really low and they’ve been low for a really long time and we can afford to take some risks, doing things at this scale will get us more evidence” (Lee 2016).
Noah Smith (2016) concluded that the empirical literature on minimum wages suggests that a 10% minimum wage increase would reduce employment by about 2% so doubling the federal minimum wage would see the employment of young people go down by one-fifth. Smith (2016) said this is a
“small but real effect — a $15 federal minimum wage might throw a million kids out of work”.
You should remember that in the USA, if you lose your job, your unemployment insurance is time-limited.
Venn Diagram of the Day on the $15 Minimum Wage…… https://t.co/aANb26iShi—
Mark J. Perry (@Mark_J_Perry) November 29, 2015
It is not like New Zealand where you can stay on the unemployment benefit forever if you are priced out of the market by a doubling of the minimum wage.
Since I was indirectly quoted in a WaPo op-ed on CA min wage, here's exactly what I wrote to Mr. Lane. (@tylercowen) https://t.co/Q326lgyvzz—
Arindrajit Dube (@arindube) March 31, 2016
What happens to minimum wage workers who lost their jobs because of the large minimum wage increase after their unemployment insurance runs out?
Utopia, you are standing in it! 
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