04 Aug 2015
by Jim Rose
in economics of education, entrepreneurship, human capital, labour economics, labour supply, sports economics
Tags: entrepreneurial alertness, on-the-job training, superstar wages, superstars
Randall McElroy III
FiveThirtyEightSports has a great piece about how much college quarterbacks are really worth in terms of market value. I’m neutral-but-leaning-against on the issue of paying college athletes, but the piece begins with University of Iowa Athletic Director Gary Barta giving a very bad reason to oppose it: it’s too complicated to figure out how much they should be paid. He’s right given how he’s conceiving the issue, he’s just not conceiving the issue in the right way.
Wages are not determined by a person or group of people independently evaluating what a job is “really” worth. That’s what markets do, i.e. that’s what innumerable decisions over time by innumerable anonymous consumers operating within the price system do. The failure to understand how the price system works in allocating resources by preferences is not unique to Barta. Very few people understand it, and lamentably even people who do understand it often…
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28 Jul 2015
by Jim Rose
in economic history, economics of education, entrepreneurship, financial economics, human capital, labour supply, occupational choice, politics - USA
Tags: creative destruction, entrepreneurial alertness, top 1%, top income earners, top wage earners
25 Jul 2015
by Jim Rose
in applied price theory, applied welfare economics, comparative institutional analysis, constitutional political economy, economic history, economics of bureaucracy, economics of education, economics of regulation, economics of religion, energy economics, environmental economics, income redistribution, industrial organisation, international economics, Murray Rothbard, politics - Australia, politics - New Zealand, politics - USA, Public Choice, rentseeking, survivor principle
Tags: antiforeign bias, antimarket bias, Catholic social thought, climate alarmism, expressive voting, global warming, makework bias, Pope Francis, rational ignorance, rational irrationality, voter demographics
21 Jul 2015
by Jim Rose
in business cycles, economics of education, global financial crisis (GFC), great recession, human capital, job search and matching, labour economics, labour supply, macroeconomics, unemployment
Tags: education premium, labour market demographics
17 Jul 2015
by Jim Rose
in applied price theory, applied welfare economics, comparative institutional analysis, development economics, economic history, economics of education, economics of regulation, entrepreneurship, environmental economics, growth disasters, growth miracles, history of economic thought, industrial organisation, Marxist economics, Public Choice
Tags: capitalism and freedom, China, fall of communism, Leftover Left, transitional economies
17 Jul 2015
by Jim Rose
in discrimination, economics of education, gender, human capital, labour economics
Tags: cognitive psychology, educational psychology, lost boys, PISA, Psychology, reversing gender gap
Figure 1: % of students achieving a proficiency level below 2 in maths by gender, USA, UK, New Zealand, Japan, Canada and Australia, 2012
Source: OECD StatExtract.
16 Jul 2015
by Jim Rose
in discrimination, economics of education, gender, labour economics, labour supply
Tags: cognitive psychology, educational psychology, lost boys, PISA, Psychology, reversing gender gap
Figure 1: % of students achieving a proficiency level below 2 in science by gender, USA, UK, New Zealand, Japan, Canada and Australia, 2012
Source: OECD StatExtract.
16 Jul 2015
by Jim Rose
in applied price theory, applied welfare economics, Austrian economics, comparative institutional analysis, constitutional political economy, development economics, economic history, economics of bureaucracy, economics of education, economics of regulation, economics of religion, energy economics, entrepreneurship, environmental economics, financial economics, growth disasters, growth miracles, income redistribution, industrial organisation, international economics, labour economics, labour supply, liberalism, poverty and inequality, Public Choice, rentseeking, survivor principle, transport economics, urban economics
Tags: Deirdre McCloskey, entrepreneurial alertness, The Great Enrichment, The Great Escape, The Great Fact, top 1%
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