Celebrating humanity's flourishing through the spread of capitalism and the rule of law
19 Mar 2016 Leave a comment
in discrimination, economic history, gender, human capital, labour economics, labour supply, occupational choice Tags: compensating differentials, gender wage gap
Much ducking and diving is required to explain why the women with most options in life have the largest gender wage gap.
Source: The Gender Wage Gap: Extent, Trends, and Explanations by Francine D. Blau, Lawrence M. Kahn :: SSRN via Panel Study of Income Dynamic (PSID).
19 Mar 2016 Leave a comment
in applied welfare economics, economic history, health economics Tags: economics of smoking, fluoridation, public health, The Great Escape, vaccines
19 Mar 2016 Leave a comment
in economic growth, economic history, entrepreneurship, fiscal policy, macroeconomics, public economics Tags: British disease, British economy, growth of government, sick man of Europe, size of government, taxation and entrepreneurship, taxation and investment, taxation and labour supply, Thatchernomics
The large rise in tax in personal income in the 1970s coincided with the rise of the British disease and British economy becoming widely known as the sick man of Europe. The large decline in taxation in personal income under Thatchernomics was followed by an economic boom.
Source: OECD Stat.
19 Mar 2016 Leave a comment
in economic history, politics - New Zealand, public economics Tags: growth of government, size of government, taxation and entrepreneurship, taxation and investment, taxation and labour supply
That GST certainly played a major role since the 1980s. Taxes on corporate profits are on the up and up despite what you would believe from the grumblings of the Left down under.
Source: OECD Stat.
18 Mar 2016 Leave a comment
in economic history, economics of regulation, population economics, urban economics Tags: land supply, land use planning, Las Vegas, zoning
The Las Vegas population doubled in the 60s doubled again between 1970 and 1990 and almost doubled again by 2000.
Source: Insiderviewpoint.com Las Vegas Population.
Between 1990 and 2000 despite the doubling of population, housing prices only increased by 25%.
Source: Insiderviewpoint.com S&P/Case-Shiller Las Vegas Home Price Index – S&P Dow Jones Indices.
Land supply must be pretty easy in Las Vegas at least up until 2000.
Source: Economics of Contempt: Land Use Regulations and the Housing Bubble.
18 Mar 2016 Leave a comment
in business cycles, economic history, fiscal policy, great recession, macroeconomics, politics - USA, public economics Tags: company tax, company tax rate, growth of government, GST, indirect taxation, property taxes, size of government, Social Security contributions, taxation and investment, taxation and labour supply, welfare state
The only major change in the US tax mix in the last 50 years has been greater reliance on social security contributions.
Source: OECD Stat.
The share going to income taxes bobbing up and down quite a lot in the last 30 years much of that to do with the business cycle. In the 1990s, the share of taxes from personal income increased during boom times. In the Great Recession, the tax share to income tax rose with the declining economy as did that on corporate profits.
18 Mar 2016 Leave a comment
in economic history, public economics Tags: growth of government, size of government, social insurance, Social Security, Social Security contributions, taxation and labour supply, welfare state
Source: Tax – Social security contributions – OECD Data and Tax – Tax on personal income – OECD Data.
17 Mar 2016 Leave a comment
in applied welfare economics, economic growth, economic history, labour economics, poverty and inequality, unemployment Tags: antimarket bias, pessimism bias, rational irrationality, The Great Enrichment, top 1%
Source: Do inequality and poverty matter? | Pundit – Brian Easton (2016) .
I will outsource to Brian Easton, the CTU, the CTU’s Bill Rosenberg and Closer Together Whakatata Mai – reducing inequalities because the continual correction of Max Rashbrooke on poverty and inequality is becoming tiring.
Source: Love in the time of crisis, James Robins, Wednesday, 16 March 2016, Newstalk NZ.
A brief history of inequality-from Treasury paper Fig4. Note Employment Contracts Act,GST,income tax,benefit cuts,WFF http://t.co/y4w3cUsgjD—
Bill Rosenberg (@WJRosenbergCTU) June 27, 2015
Inequality has not risen for at least 20 years as Bill Rosenberg tweeted. The rise in inequality in the late 1980s and early 1990s was followed by an employment boom that lasted to 2009.
Unemployment was as low as 3 1/2% for several years despite a large increase in labour force participation. Furthermore, the gender wage gap in New Zealand fell rapidly to now be the smallest in any industrialised country.
As the Facebook photos show, there has been strong income and wage growth despite the grizzling of the left. The return of income growth and wages growth after 20 years of real wage stagnation followed the economic reforms of the 1980s and the passage of the Employment Contracts Act in 1991.
As the CTU shows below, the economic reforms in the 1980s put an end to a sharp decline in the relative economic performance of the New Zealand economy.
17 Mar 2016 Leave a comment
in economic history, politics - New Zealand, public economics Tags: growth of government, GST, income tax, size of government, taxation and labour supply, VAT
The introduction of the GST in 1986 led to a major change in the New Zealand tax mix. There was no offsetting income tax cuts.
Source: Tax – Tax on goods and services – OECD Data and Tax – Tax on personal income – OECD Data.
17 Mar 2016 Leave a comment
in applied welfare economics, economic history, economics of education, entrepreneurship, human capital, labour economics, politics - New Zealand, poverty and inequality Tags: pension fund socialism, top 1%, Withering away of the proletariat
New Zealand working class is wealthier than the entire capitalist class. Their human capital, shown in the chart below as the human capital of the unskilled and non-degree workers, far exceeds the value of the physical capital stock of New Zealand.
Source: Lˆe Thi. Vˆan Tr`ınh, Estimating the monetary value of the stock of human capital for New Zealand, University of Canterbury PhD thesis (September 2006).
Only part of this physical capital stock is owned by the capitalist class given we live in the era of pension fund socialism. About a 3rd of that physical capital stock is owner occupied homes.
Source: Lˆe Thi. Vˆan Tr`ınh, Estimating the monetary value of the stock of human capital for New Zealand, University of Canterbury PhD thesis (September 2006).
The only reason that the share of unskilled and non-degree workers is in any way declining is the withering away of the proletariat. More and more people are joining the middle-class and going on to higher education.
Andrew Little is looking to update Labour's definition of the 'working class': stuff.co.nz/national/polit… http://t.co/AQ9mJL7CQf—
NZ Stuff Politics (@NZStuffPolitics) November 30, 2014
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17 Mar 2016 Leave a comment
in economic history Tags: New York City
17 Mar 2016 Leave a comment
in applied welfare economics, economic history, economics of education, entrepreneurship, human capital, labour economics, politics - New Zealand, poverty and inequality, urban economics Tags: household wealth, housing prices, pessimism bias, top 1%
Tring Le found that the human capital stock was consistently 2.6 times the value of the physical capital stock of New Zealand.
I decided to apply that ratio to the net capital stock of New Zealand estimates of Statistics New Zealand back to 1987 to see what we get. It is pretty standard for the value of human capital to be two to two and one-half times the value of physical capital.
Source: National Accounts (Industry Benchmarks): Year ended March 2013 and Lˆe Thi. Vˆan Tr`ınh, Estimating the monetary value of the stock of human capital for New Zealand, University of Canterbury PhD thesis (September 2006), Table 4.8: Human and physical capital stocks.
All the above chart says it is most wealth in New Zealand is held by ordinary people either as their human capital or the value of their homes.
16 Mar 2016 Leave a comment
in economic history, economics of information, economics of regulation, monetary economics, politics - USA Tags: antimarket bias, libertarian paternalism, monetary policy, mortgage interest rates, New Zealand Labour Party, Other people are stupid fallacy, rational irrationality, The fatal conceit, The pretence to knowledge
Despite the best efforts of the libertarian paternalists to sell the other people are stupid fallacy, ordinary New Zealanders are quite nimble at moving between fixed and floating rates depending upon their forecasts of the future of interest rates. Price controls on floating rate mortgages, as suggested by the New Zealand Labour Party, would make this more difficult, not easier.
Source: S8 Banks: Mortgage lending ($m) – Reserve Bank of New Zealand.
16 Mar 2016 Leave a comment
in economic history, entrepreneurship, financial economics Tags: creative destruction, entrepreneurial alertness
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15 Mar 2016 Leave a comment
in economic history, labour economics, unions Tags: public sector unions, union membership, union power
Unions are dead on their feet in the private sector in the USA but going strong as ever in the public sector, especially in local government.
Source: Bureau of Labour Statistics Table 3. Union affiliation of employed wage and salary workers by occupation and industry
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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