Sowell – The Myth of Proportional Racial and Gender Distribution
03 Apr 2018 Leave a comment
in applied price theory, discrimination, gender, human capital, labour economics, labour supply, occupational choice Tags: gender wage gap, racial discrimination, sex discrimination
The labour theory of value
29 Mar 2018 Leave a comment
in applied price theory, entrepreneurship, human capital, industrial organisation, labour economics, labour supply, Marxist economics, survivor principle Tags: labour theory of value
“A few observations:
- The Labor Theory of Value is incapable of functionally explaining even basic economic relationships. See Menger 1871.
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The notion that class identity functionally drives political or any other type of collective action is hopelessly incoherent and undermined by a pervasive free rider problem. See Olson 1965.
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Even if one were to assume that the initial allocation of all property is by mere theft (and it is not), its effectual consequences are entirely subordinate to the question of whether property rights exist in the first place. See Coase 1960.
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The predictive ability of historical materialism in the ~150 years since its formulation is practically zero, although the cost of attempting to force its predictions into being is several hundred million bodies.
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In practice, the concept of alienation is indistinguishable from subjective emoting about things that the individual exhibiting “estrangement” envies, and envy is a difficult concept to defend as the basis of a system of social allocation as it reduces to little more than subjective valuation executed by forcible acquisition.
If the above observations are true, what exactly remains again of the Marxist system of thought that is of any value in explaining anything?”
- Phil Magness
Philippe Aghion: “Innovation will relocate old jobs to new jobs” – “Safety Last” pt. 1
27 Mar 2018 Leave a comment
in applied price theory, economic history, entrepreneurship, industrial organisation, labour economics, labour supply, survivor principle Tags: automation
Two views on tipping
17 Mar 2018 Leave a comment
in applied price theory, discrimination, gender, labour economics, labour supply, occupational choice Tags: tipping
The case against education (Part 1) – interview with Bryan Caplan
17 Mar 2018 Leave a comment
in applied price theory, economics of education, economics of information, human capital, industrial organisation, labour economics, labour supply, managerial economics, organisational economics, personnel economics Tags: Bryan Caplan, signalling
British lifestyle preferences by gender: family-centred, adaptive or work-centred
15 Mar 2018 Leave a comment
Will Robots Take Our Jobs?
13 Mar 2018 Leave a comment
in applied price theory, economic history, industrial organisation, labour economics, labour supply, survivor principle Tags: automation, creative destruction, pessimism bias
What determines the gender wage gap?
08 Mar 2018 Leave a comment
in applied price theory, discrimination, gender, human capital, labour economics, labour supply, occupational choice
Football, Dementia, and the Future of Sports
08 Mar 2018 1 Comment
in health and safety, health economics, labour economics, labour supply, occupational choice, sports economics
Utopia, you are standing in it! 
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