Everybody from the top 10% to the top 0.01% have to work for their living these days with much of their income coming from wages.
Source: The World Wealth and Income Database.
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
23 May 2016 Leave a comment
in applied price theory, applied welfare economics, economic history, entrepreneurship, human capital, industrial organisation, labour economics, labour supply, occupational choice, poverty and inequality, survivor principle Tags: entrepreneurial alertness, envy, superstar wages, superstars, top 1%, top incomes
Everybody from the top 10% to the top 0.01% have to work for their living these days with much of their income coming from wages.
Source: The World Wealth and Income Database.
17 May 2016 Leave a comment
in discrimination, economics of media and culture, gender, industrial organisation, labour economics, labour supply, occupational choice, survivor principle Tags: entrepreneurial alertness, gender gap, gender wage gap, Hollywood economics

Iron Man 3 changed the gender of the film’s villain from female to male after pressure from the production company Marvel, which feared toy merchandise would not sell as well.
This is a rather frank admission of what drives gender bias in Hollywood casting decisions. Its customer preferences – customer discrimination. It was not nasty producers and directors choosing not to hire women.
It was producers and directors casting a movie that might sell at the box office given what the box office wants. The great majority of box office sales is outside of the USA and US cultural values, interests and concepts of humour.

Hollywood is a cutthroat market where producers and directors do do whatever it takes to make their movie sell at the box office. But would not last very long if they indulge their personal preferences at the expense of the box office.
Not every movie has the merchandising potential of action films but they still have to pay careful attention to what audiences want to avoid having produced a run of flops and never get financing again.
That is not made any easier by the first law of Hollywood economics, which is nobody knows nothing. Audiences have a constant demand for novelty but they do not know what they want delay see it.

09 May 2016 Leave a comment
in energy economics, environmental economics, global warming, labour economics, labour supply, occupational choice Tags: Big Wind, green rent seeking, renewable energy, wind power
Doubling from 4,400 to 9,000 does not exactly strike me as an explosion in wind technician employment.
Source: Wind Turbine Technicians : Occupational Outlook Handbook: : U.S. Bureau of Labor Statistics.
Yet still this occupation is expected to be the fastest-growing occupation in the USA in the next 10 years.
07 May 2016 Leave a comment
in applied price theory, economics of crime, labour economics, labour supply, law and economics, occupational choice Tags: crime and punishment, criminal deterrence, law and order, police
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06 May 2016 Leave a comment
in discrimination, gender, labour economics, labour supply, occupational choice Tags: gender wage gap, reversing gender gap
05 May 2016 Leave a comment
in human capital, industrial organisation, labour economics, labour supply, occupational choice, survivor principle Tags: Apple, CEO pay, creative destruction, entrepreneurial alertness, Facebook, Google, Microsoft, superstar wages, superstars, top 1%, Twitter, Uber, Yahoo
I am surprised to see that Yahoo is in business much less competing for top talent. Microsoft is in decline too. Apple does not pay people as much as everybody else.
Source: Paysa Company Rank | Paysa.
Some other colours seem to duplicate so you will have to work out which is which by when they exploded in hiring top talent.
23 Apr 2016 Leave a comment
in economics of crime, law and economics, occupational choice Tags: Australia, career criminals, crime and punishment, criminal deterrence, deportations, economics of immigration, law and order
When a non-citizen spends 10 of his 40 odd years in Australia behind bars, most recently in 2011, the only question that should be posed is why was not he deported much earlier?
Source: Former criminal deported and separated from family after 40 years in Australia | Stuff.co.nz.
He is a career criminal who deserves no sympathy. He is the author of his own misfortunes in being separated from his family in Australia. Sympathy should go to his many victims, not to him.
More fool him when he spent 9 months in immigration detention because he chose to appeal his deportation. The criterion for automatic cancellation of Australian visas for criminals is accumulating 12 months in prison. That is a low threshold for automatic deportation unless the minister grants a waiver.
With 10 years behind bars, his appeal had no chance of success. He was a career criminal Australia could well be shot off.
23 Apr 2016 Leave a comment
in economic history, economics of education, economics of media and culture, gender, human capital, labour economics, labour supply, occupational choice Tags: gender gap, gender wage gap, reversing gender gap
15 Apr 2016 Leave a comment
in applied price theory, economics of crime, labour economics, law and economics, occupational choice Tags: crime and punishment, law and order
Stealing soap is almost as good as stealing cash.
Soap and razor blades are surprisingly valuable to petty thieves because they are easy to offload at the pub or the local market stalls
Source: Why Thieves Steal Soap
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