Matt Yglesias has a post today explaining that the only way to increase someone’s real income is by decreasing someone else’s real income. He rightly points out that some on the left are confused about this. They tend to think about jacking up wages only in terms of the workers who got a higher wage… Continue reading Yglesias on left economic mistakes
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Why are unpaid internships on the rise?
Suppose that the following things are basically true: Good jobs go to those who have the most credentials, be that degrees, experience, or otherwise. The supply of good jobs in our economy is scarce and basically not growing. The number of people amassing credentials to compete for those jobs is growing. If these are true,… Continue reading Why are unpaid internships on the rise?
The social wage
As I’ve mentioned before, I think the best way to tackle inequality and poverty is directly through cash programs. I am not opposed to programs that try to manipulate market wages in some way, unions and minimum wages for instance. But strategies focused on market wages are very messy and almost certainly inadequate to the… Continue reading The social wage
How to socialize finance tomorrow
Matt Yglesias has a piece today about how the current state of the bond market permits profitable leveraged buyouts. The interest rates on junk bonds have now dipped below the rate of return for the S&P 500 as a whole. So, if someone was able to put it together, they could raise a bunch of… Continue reading How to socialize finance tomorrow
Why socialize finance?
I was somewhat taken aback by the negative reactions to Seth Ackerman’s recent piece about socializing finance in the Jacobin. I reviewed his idea positively, but folks on twitter had a different take. The detractors asked, among other things, what problem does this solve? Socializing financial gains does not change working conditions or compensation and… Continue reading Why socialize finance?