Celebrating humanity's flourishing through the spread of capitalism and the rule of law
22 Aug 2024 Leave a comment
in applied price theory, economic history, economics of education, entrepreneurship, human capital, industrial organisation, labour economics, labour supply, liberalism, managerial economics, market efficiency, occupational choice, organisational economics, personnel economics, politics - USA, poverty and inequality, survivor principle Tags: CEO pay, superstar wages
CEO compensation at large firms is high, especially in comparison to average worker wages, sparking debates over income inequality. Critics argue that such pay packages are unfair and disproportionate to actual company performance. Proponents contend that high pay reflects productivity and is necessary to attract scarce top talent to large firms. Let’s go to the […]
Why Top CEOs Earn Big Paychecks
20 Aug 2024 Leave a comment
in economic growth, economic history, gender, history of economic thought, industrial organisation, labour economics, labour supply, macroeconomics, market efficiency, occupational choice, survivor principle, unemployment Tags: creative destruction
My tradition on this blog is to take a break (mostly!) from current events in the later part of August. Instead, I pre-schedule daily posts based on things I read during the previous year about three of my preoccupations: economics, editing/writing, and academia. With the posts pre-scheduled, I can then relax more deeply when floating…
Telephone Operators: The Elimination of a Job
19 Aug 2024 Leave a comment
in international economics, labour economics, labour supply, politics - Australia, politics - New Zealand Tags: economics of immigration
In the year to June, 80,200 New Zealand citizens moved abroad, almost double the numbers prior to the Covid-19 pandemic. Meanwhile, just 24,900 returned, according to Stats NZ — the country’s official data agency. The net loss of 55,300 citizens (which follows a net loss of 56,500 in the year to April) smashed the previous record […]
New Zealand fact of the day
12 Aug 2024 Leave a comment
in Economics of international refugee law, labour economics, labour supply, law and economics, politics - New Zealand Tags: economics of immigration
Stuff reports: The number of people claiming refugee status in New Zealand has exploded in the past two years, statistics released by Immigration New Zealandshow. In the 11 months to 31 May 2024, a total of 2220 people claimed refugee status in New Zealand. Half of these asylum seekers – 1108 people – were from a […]
NZ now has an asylum problem
11 Aug 2024 Leave a comment
in applied price theory, applied welfare economics, economic growth, fiscal policy, labour economics, labour supply, macroeconomics, Public Choice, public economics Tags: taxation and entrepreneurship, taxation and investment, taxation and labour supply
Writing about Mitt Romney’s selection of Paul Ryan in 2012, I opined that, “…it probably means nothing. I don’t think there’s been an election in my lifetime that was impacted by the second person on a presidential ticket.” I feel the same way about Tim Walz, who is Kamala Harris’ pick for Vice President. But […]
Minnesota’s Failed Class-Warfare Tax Policy
10 Aug 2024 Leave a comment
in applied price theory, econometerics, economic history, economics of regulation, income redistribution, industrial organisation, labour economics, labour supply, law and economics, occupational choice, politics - USA, property rights, Public Choice, public economics, regulation, rentseeking, survivor principle, theory of the firm Tags: barriers to entry, creative destruction, taxi regulation
The idea behind Uber first arose, the story goes, on a snowy evening in Paris back around 2008, when Travis Kalanick and Garrett Camp found themselves stuck in Paris on a snowy evening, unable to find a taxi. They wondered “What if you could request a ride simply by tapping your phone?” They co-founded Uber based…
The Creation of Ride-sharing and the Creativity of Markets
09 Aug 2024 Leave a comment
in applied price theory, econometerics, labour economics, labour supply, poverty and inequality, unemployment, welfare reform Tags: universal basic income
This week’s column for the Stuff papers covered the excellent new US work testing the effects of a UBI. From November 2020, 3000 low-income people were randomly assigned into two groups for three years. One thousand people each received $1000 per month in unconditional funds for three years. Two thousand people each received $50 per month.Both…
Basic income, again
05 Aug 2024 Leave a comment
in comparative institutional analysis, constitutional political economy, development economics, economic history, economics of bureaucracy, economics of crime, growth disasters, income redistribution, labour economics, labour supply, law and economics, Marxist economics, property rights, Public Choice, public economics Tags: Cuba
The Miami Herald reports: A stunning 10% of Cuba’s population — more than a million people — left the island between 2022 and 2023, the head of the country’s national statistics office said during a National Assembly session Friday, the largest migration wave in Cuban history. Isn’t it such a weird coincidence that the queue […]
Communism still doing well in Cuba
02 Aug 2024 Leave a comment
in comparative institutional analysis, constitutional political economy, defence economics, income redistribution, labour economics, labour supply, law and economics, liberalism, Marxist economics, politics - USA, property rights, Public Choice Tags: 2024 presidential election, economics of immigration
Texas won a big victory in the United States Court of Appeals in the long struggle over floating buoy barriers in the Rio Grande River to help block unlawful migration. In United States v. Abbott, the court ruled 11-7 in an en banc decision against the Biden Administration over the barrier. It is an interesting decision […]
Don’t Mess with Texas: Fifth Circuit Rules Against the Biden Administration in Buoy Dispute on Southern Border
31 Jul 2024 Leave a comment
in applied price theory, comparative institutional analysis, econometerics, economic history, economics of regulation, income redistribution, labour economics, labour supply, law and economics, minimum wage, politics - USA, property rights, Public Choice, regulation, rentseeking, unemployment, urban economics Tags: housing affordability, regressive left, rent control
In an interesting new paper Federal Reserve economists Marianna Kudlyak, Murat Tasci and Didem Tüzemen look at what happens to job vacancy postings when the minimum wage increases. The vacancy data in our analysis come from the job openings data from the Conference Board as a part of its Help Wanted OnLine (HWOL) data series. […]
The Minimum Wage, Rent Control, and Vacancies or Who Searches?
31 Jul 2024 Leave a comment
in human capital, labour economics, labour supply, politics - New Zealand, population economics Tags: ageing society, economics of fertility
Earlier this week, I was interviewed by Paul Brennan on Reality Check Radio, on New Zealand’s declining birth rate. You can listen to the interview here. We didn’t have time to go through all of the questions I was given beforehand, so I thought I would add some points here, along with some links to…
The economics of the falling total fertility rate in New Zealand
28 Jul 2024 Leave a comment
in applied price theory, discrimination, economic history, economics of education, gender, human capital, labour economics, labour supply, occupational choice, poverty and inequality Tags: gender wage gap, sex discrimination
23 Jul 2024 Leave a comment
in applied price theory, econometerics, human capital, labour economics, labour supply, occupational choice, poverty and inequality Tags: basic income
By Eva Vivalt, Elizabeth Rhodes, Alexander W. Bartik, David E. Broockman, Sarah Miller, Here is the link, but I am still sleeping. Here is the abstract: We study the causal impacts of income on a rich array of employment outcomes, leveraging an experiment in which 1,000 low-income individuals were randomized into receiving $1,000 per month […]
The employment effects of a guaranteed income
21 Jul 2024 Leave a comment
in business cycles, fiscal policy, great depression, great recession, history of economic thought, job search and matching, labour economics, labour supply, macroeconomics, monetary economics, unemployment
Edmund Phelps won the Nobel prize in economics in 2006 for “for his analysis of intertemporal tradeoffs in macroeconomic policy.” However, he has spent a considerable chunk of this time in the last few decades musing over strengths and weaknesses of capitalism and, more generally, a dynamic economy. Jon Hartley interviews Phelps on both topics,…
Interview with Edmund Phelps: Macro and Capitalism
17 Jul 2024 Leave a comment
in development economics, economic history, growth disasters, growth miracles, labour economics, labour supply, population economics Tags: China, economics of fertility
I’m in China this week, teaching about fiscal policy, convergence theory, and inequality at Northeastern University in Shenyang. So it’s a good opportunity to write about some pluses and minuses of Chinese economic policy. We’ll start this series by looking at demographics, which almost surely is the biggest long-run challenge for Chinese policymakers. How big […]
Chinese Economic Policy, Part I: The Demographic Challenge
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
A History of the Alt-Right
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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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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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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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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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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