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Category Archive for 'Economic Illiteracy'

There are 152 million Americans with jobs today. There are 2.6 million of these workers making the minimum wage, or less (federal). So, double it so that I cover all of the states that have higher wages and to be conservative. What is your explanation for why 96.5% of workers, or about 147 million workers, […]

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Folks, remember, the Presidency doesn’t matter much – but I do think there is some writing on the wall from what we see from the messages that have resonated with voters … … we are a country of economic illiterates (and statistical ones too – ahem, polling and uncertainty bands anyone?). If there was ever […]

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Via David Henderson this morning: “If our antidumping laws applied to U.S. companies, every after-Christmas sale in the country would be banned.” That is from trade economist Jagdish Bhagwati   And here is another, this time from someone less famous whom you know a bit better: “Recycling enthusiasts should be the world’s most ardent free-traders.” […]

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I am quite sure you have encountered the claim that Americans consume too much and that our drive to consume has sacrificed the planet. Let’s not disagree with that. But doesn’t that idea sit uncomfortably next to the commonly committed pie-fallacy? After all, we see our current two political candidates arguing about who “wins” in […]

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I suspect that what is being taught in enlightened public health classes is that things like expensive and high hospital and health insurance administrator salaries are the reason that health costs are so high. Now, there is actually a body of research on this question, done by capable health care economists, and some of those […]

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Friday Fun Fact

A single American earning the minimum wage for a full-time job for a full-year (excluding ALL of the other compensation they may receive from their employer and certainly from government in the form of housing allowances, earned income tax credits, health insurance subsidies, food assistance, free education, subsidized transportation, access to infrastructure and public amenities, […]

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Tyler over at Marginal Revolution finds that about 20 states require some teaching of economics in high school. Implicit in the post is that requiring economics is a good thing. And why not? After all, the state of economic literacy in America is strikingly low, even among people who have taken some economics, and teaching […]

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This is already not going over well among the people this “law” is aiming to “help” … not surprising: Salary Threshold for Hourly Employees to Change The U.S. Department of Labor has announced changes to how some employees are paid by announcing an increase to the salary threshold used to determine eligibility for overtime pay. Effective December 1, […]

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Picking up on a theme from two years ago, let’s consider again the argument in favor of progressive (re)distribution of income from the wealthiest to the poorest.  The argument I made back then was that on basic behavioral grounds, the assumption that taking a dollar from the rich and giving it to the poor would […]

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Not really in the mood to write about this – we live in a world of economic creationists. Nonethless, among the zillions of excellent logical questions one might ask proponents about it, only to be dodged, Jason Brennan (of Why Not Capitalism fame) asks this: If you believe employers owe employees a living wage, do […]

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