Tag: economics
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Minimum Wage, Minimum Rights
Minimum wage laws should be abolished. They are morally indefensible because they cause more harm than good. They are economic foolishness because they thwart the price signal that lets workers and employers arrive at the optimal price for labor. First, minimum wage laws increase unemployment. As I argued in a post on unions, it is…
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Fun with Numbers or “Lies, Damned Lies, and Statisticsâ€
In my work we use statistics to support or disprove a point. We mine data to look for patterns, answer questions, and search for evidence of impacts. We try very hard to be objective and accurate in our use of statistics. I spend a lot of time reviewing work of others and must be on…
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Fiscal Irresponsibility
Well doesn\’t that just fill you with confidence about the plans the federal government has for dealing with the deficit. The first big headlines they make after the Republican resurgence is three things guaranteed to fix the deficit: cut income tax, cut social security tax, and extend unemployment insurance. Wonderful. At least they had two…
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Robin Hood
Arguments that espouse taking from the rich and giving to the poor act as if this is a zero sum game being played. Under this frame of mind you can take surplus from the rich and give it to the poor and the total income of the population will not change. However, we know that…
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Advice from long ago to avoid the financial crisis
Government-guaranteed home mortgages … force the general taxpayer to subsidize the bad risks and to defray the losses.