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Wages and Salaries

A Category Archive (6 entries)

The bizarre way economists calculate real income

Income Distribution
Scott Sumner
Over the years I've argued that economists are horribly confused about the concept of "income." They use income for tax incidence discussions and also economic inequality, whereas on theoretical grounds consumption is clearly the appropriate variable. And yet until a... MORE

The mysterious rise in youth unemployment

Labor Market
Scott Sumner
There's a new piece in The Economist discussing the disturbing rise of youth unemployment all over the world. Oddly there is no mention of minimum wage laws. When supply doesn't equal demand, shouldn't artificial price floors be the first place... MORE

Prices are Like Words

Price Controls
Bart Wilson
People who are troubled by markets tend to treat prices as the problem in a market. Whether the price of labor or agricultural commodities is too low, or the price of housing or healthcare or payday loans is too high,... MORE

Wasteful Hiring: When Does It Cut Profits?

Statistical theory and methods
Garett Jones
The boss hires his worthless unemployed nephew for a summer job.  Does that raise GDP or lower it? To keep things simple think of this as ex nihilo hiring: if not for this hire, the person wouldn't have been hired... MORE

Will The End of Sleep Reduce Wages?

Wages and Salaries
Garett Jones
Jon M at Sociological Speculation reports: drugs such as Modafinil appear to vastly reduce the need for sleep without significant side effects (at least so far). Based on reports from users, it seems that people could realistically cut their sleep... MORE

Stanley Lebergott: A Tribute

Wages and Salaries
David Henderson
I'm working on a blog post for later today or tomorrow on Robert Gordon's important new paper, "Is U.S. Economic Growth Over? Faltering Innovation Confronts the Six Headwinds." In working my way through it, I read a passage that reminded... MORE

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