Paul K starts us out this week with a compelling defense of Medicare, age 50 this week, against mindless right-wing attacks. In passing, Paul points out that raising the Medicare eligibility age would “hardly save any money.” He’s talking about the federal budget here, but if one broadens the scope, as I think you should,… Read more
Covering a lot of ground in this Skype interview from World Finance. Check it out. Connection isn’t perfect, which also invokes economics (the Comcast monopoly in northern VA) but that’s a topic for another day.
Ariel: [about Leopold] He taught me a lot… Andrew: Like what? Ariel: Like how to listen to Mozart. Andrew: With your ears, right? –from Woody Allen’s “A Midsummer Night’s Sex Comedy” Hillary Clinton is poised to give an important speech tomorrow (Monday) explaining her diagnosis and prescriptions on the U.S. economy, with a focus on wage stagnation and… Read more
Posted last night at Posteverything. As you’ll read, while the way forward is anything but clear, the strong rejection of austerity in the face of very high stakes struck me as a bold assertion of self-determination, evidence of a strong democratic impulse all the more impressive as it occurred as bullies threatened to mete out… Read more
One of the less defensible assumptions of microeconomics is that people get paid their “marginal product,” i.e., their wage equals the value of the output they produce. Thus, according to the theory, if the last worker hired is being paid an hourly wage less than the value of the firm’s output per hour, if would… Read more