Robert Solow once remarked:
Every discussion among economists of the relatively slow growth of the British economy compared with the Continental economies ends up in a blaze of amateur sociology.
This is the final move of right-wing economists whenever the assumptions of their ideologically-infused policy prescriptions end up contradicted by observed reality. After a few [...]
In a new piece in Democracy Journal, Nick Hanauer and David Rolf argue that, in response to the rise of the sharing economy, we need to transition away from our employer-provided welfare benefit system to a more public system. Jeff Spross had a nearly identical (though considerably shorter) argument in The Week earlier this [...]
Over at the Demos dot org slash blog, I discussed this Bernie Sanders quote:
If 99 percent of all the new income goes to the top 1 percent, you could triple it, it wouldn’t matter much to the average middle class person. The whole size of the economy and the GDP doesn’t matter [...]
Two posts ago, I rehashed the point that owners of capital income do not produce it and therefore have no desert-based claim to it. One post ago, I responded to the rebuttal that they do in fact do work to receive capital income, namely the work of deploying and managing capital. [...]
In my prior post, I pointed out that capital income is paid to non-productive people who don’t, under a labor-desert theory of entitlement, deserve it. In response to this explanation, some commenters have said that in fact capitalists do work in some way. It’s not that they just have capital and then income [...]
It bothers me as a general matter that so much of our discourse about the economy can proceed as if capitalism distributes things according to variations in work and contribution, or in short desert. It bothers me both because it is wrong and also because it is clearly wrong in ways that have [...]
One of the biggest government programs in the US is the land deed welfare program. Under this program, the government gives people the privilege to use the police to violently exclude everyone else from specific pieces of land denominated on pieces of paper called deeds. Through the operation of this guaranteed police violence, deed-holders are [...]
The most powerful force pushing towards greater wealth inequality in the US since the 1970s is the gap between the after-tax return on capital and the economic growth rate.
This question is getting at whether “r > [...]
AEI’s Kevin Hassett knew Piketty was wrong before he ever read him. There is no possible world in which Kevin Hassett did anything else but say Piketty was wrong. That’s fine, but what’s not fine is this shit:
If you look at what’s been going on in his data, then the share of [...]
Mike Elk has a piece on the UAW election loss at Volkswagen. In it he says this:
Fiorello notes that currently, new non-union assembly line workers at Volkswagen start at $14.50 an hour—which, with cost-of-living differences between Tennessee and the Midwest factored in, is arguably slightly higher than the just-under-$16-an-hour starting pay under [...]