Celebrating humanity's flourishing through the spread of capitalism and the rule of law
16 Feb 2016 Leave a comment
in applied welfare economics, economics of bureaucracy, labour supply, politics - USA, welfare reform
In common with New Zealand, Maine found that a number could not complete work requirements because they could not get time off work from their off the books job.
Lindsay Mitchell found through Official Information Act requests that one in 10 beneficiaries are working full-time and one in 5 have no intention of looking for a job in the next year despite a requirement to actively look for work as a condition of receipt of their benefit.
16 Feb 2016 Leave a comment
in health economics, politics - USA Tags: 2016 presidential election, health insurance
16 Feb 2016 Leave a comment
in applied price theory, discrimination, economics of media and culture, entrepreneurship, labour economics, law and economics, liberalism, politics - USA
David Henderson reminded me of the superb discussion by Milton Friedman in Capitalism and Freedom of the way in which the marketplace erodes prejudice.
Source: Milton Friedman on Trumbo, David Henderson | EconLog | Library of Economics and Liberty.
15 Feb 2016 Leave a comment
in comparative institutional analysis, constitutional political economy, law and economics, politics - New Zealand, politics - USA Tags: abortion rights, marijuana decriminalisation
15 Feb 2016 Leave a comment
in applied price theory, economics of regulation, entrepreneurship, labour economics, politics - USA
15 Feb 2016 Leave a comment
in applied welfare economics, politics - USA, welfare reform
The 1996 federal welfare reforms were supposed to condemn the poor to homelessness and no money to buy food. Deep poverty did not get worse as a result of those reforms. That alone refutes its critics.
Source: Take 2: Another Look at Bernie Sanders, Welfare Reform, and Deep Poverty | Mother Jones.
Source: New Study Says Poverty Rate Hasn’t Budged For 40 Years | Mother Jones.
Source: Weekend Follow-Up #1: Welfare Reform and Deep Poverty | Mother Jones.
13 Feb 2016 2 Comments
in applied welfare economics, economics of regulation, labour economics, occupational regulation, politics - USA
Some American states regulate twice as many occupations as others. This diversity in federalism strains any public interest explanation of occupational regulation.
Source: Reforming Occupational Licensing Policies | The Hamilton Project – Kleiner and Vorotnikov (2015), based on an analysis of data from a Harris poll of 9,850 individuals conducted in the first half of 2013 (Harris Poll Interactive 2013).
The purpose of occupational regulation is to protect buyers from quacks and lemons – to overcome asymmetric information about the quality of the provider of the service.
Adverse selection occurs when the seller knows more than the buyer about the true quality of the product or service on offer. This can make it difficult for the two people to do business together. Buyers cannot tell the good from the bad products on offer so many they do not buy to all and withdraw from the market.
Any entrepreneur who finds ways of providing credible assurances of the quality of this service or work stands to profit handsomely. Brand names and warranties are examples of market generated institutions that overcome these information gaps through screening and signalling.
Screening is the less informed party’s effort, usually the buyer, to learn the information that the more informed party has. Successful screens have the characteristic that it is unprofitable for bad types of sellers to mimic the behaviour of good types. Signalling is an informed party’s effort, usually the seller, to communicate information to the less informed party.
The main issue with quacks in the labour market is whether there is a large cost of less than average quality service, and is there a sub-market who will buy less than average quality products in the presence of competing sellers competing on the basis of quality assurance. This demand for assurance creates opportunities for entrepreneurs to profit by providing assurance.
Mostly disciplinary investigations and deregistrations under the auspices of occupational regulation are for gross misconduct and criminal convictions rather than the shading of quality.
12 Feb 2016 Leave a comment
in applied welfare economics, economic history, labour economics, labour supply, politics - USA, welfare reform
Despite the dire predictions, there has been a permanent reduction in child poverty of 25%, a 35% increase in the employment rates of never married mothers and a 16% increase in the employment rates of single mothers.
Minorities benefited the most from the 1996 US federal welfare reforms in terms of higher employment rates and lower child poverty rates.
As part of the 1996 reforms, Medicaid eligibility was not lost when going off welfare and single parents by getting a job qualified for the Earned Income Tax Credit.
12 Feb 2016 Leave a comment
in defence economics, economics of media and culture, environmental economics, global warming, politics - USA Tags: 2016 presidential election, climate alarmism, foreign policy, global warming, voter demographics
11 Feb 2016 Leave a comment
in constitutional political economy, politics - USA, Public Choice
https://twitter.com/bargemUK/status/687610265400152065
Source: Gerrymandering Is Even More Infuriating When You Can Actually See It | WIRED.
09 Feb 2016 Leave a comment
in Marxist economics, politics - USA, Public Choice, public economics
09 Feb 2016 1 Comment
in applied price theory, politics - USA, public economics
09 Feb 2016 Leave a comment
in applied welfare economics, economic history, labour economics, macroeconomics, politics - USA Tags: 2016 presidential election, antiforeign bias, antimarket bias, Leftover cab left, pessimism bias, rational rationality, The Great Enrichment, Twitter left
08 Feb 2016 Leave a comment
in applied welfare economics, international economics, politics - USA Tags: 2016 presidential election, free trade, left-wing popularism, rational ignorance, rational irrationality, right-wing popularism
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