To assert that economists are having trouble figuring out the relationship between inflation and unemployment is like saying chefs can’t figure out what to do with salt and pepper. It’s that fundamental. Yet, we’re befuddled, and that has powerful policy implications. For example, a prominent macro economist recently suggested to me that we must have… Read more
We don’t yet have all the data I need to update my full-monty-wage-mash-up, but a few series to which I pay attention are now available for the first half of the year: median weekly earnings (MWE) of full-time workers and two flavors of average hourly earnings. What do they show? Not much, in terms of… Read more
To celebrate the fifth anniversary of the last increase in the federal minimum wage and to call attention to the fact that the federal wage floor has not risen in five years, the US Department of Labor has declared July 24th to be a “Day of Action.” Coincidentally, a new book surveying the scholarly literature… Read more
And even if he is, given the numbers they’ve been posting, with enemies like that, who needs friends? Over at PostEverything.
A: Other institutions, public and private, step in–and while that has pluses and minuses, at the end of the day, it’s inefficient and unsustainable. Over at PostEverything.