When is the last time you were in Denmark? Or Norway? Or Sweden?
More than 400 years ago, the British adopted the Poor Law system, under which local communities were made responsible for the relief of poverty. For the next four centuries the Poor Laws were amended again and again, as the following argument went to and fro: Was the system providing necessary relief or was it in various ways interfering with the natural workings of the labor market by subsidizing idleness and encouraging indolence.
Have you ever wondered why Republicans and Democrats differ in the way they think about government? Im not talking about the difference between conservatives and liberals.
Two Michigan cities made the front page of The New York Times on Thursday.
Its been 50 years since the War on Poverty was launched and after all that time and trillions of dollars spent about one of every seven people in the country is still living below the poverty line. Everyone on the right and the left seems to agree: in the war on poverty, poverty is clearly winning.
One of the most intriguing movies Ive seen in a long time is The Big Short. Its about the housing bubble and what we now call the Great Recession, based on Michael Lewiss bestselling book The Big Short: Inside the Doomsday Machine.
Can you name the most contentious issue in American politics?
When is the last time you heard Hillary Clinton talk about poverty? How about Barack Obama? Or Bernie Sanders?
Why did it take so long? I dont know. But its happened.
Are you confused about how Barack Obama thinks about the War on Terror?
Suppose your best friend is down on her luck. Magnanimously, you give her a spare room in your house, on a temporary basis, and when she starts earning some income, you let her pay rent -- say, $100 a week. You would think that just about everybody would applaud you.
If an employer could hire a woman to do the same job as a man for one-fourth less pay, who do you think the employer is going to hire? The woman or the man? Thats a no brainer. Or, a least its a no brainer if employers care anything about making a profit.
Strike up a conversation with any taxi cab driver or any fry cook at a roadside diner and the word inequality is unlikely to ever come up.
Writing about Republicans in U.S. House of Representatives, New York Times columnist Paul Krugman says Paul Ryan is basically, the best con man theyve got. He goes on to characterize the modern Republican Party as a post-policy enterprise, which doesnt do real solutions to real problems.
While politicians seem to never tire of proposing new ways to regulate the workplace, I want to propose a radically different idea: get government out of the workplace altogether.
Until we entered the Great Recession, most economists regarded Keynesian economics as a relic of the past. You could still find it discussed in some introductory textbooks. But, as University of Chicago economist John Cochrane points out, it wasnt on the syllabus in any of the leading graduate schools.
Pope Franciss visit to Cuba and the United States and his previous efforts to bring about a rapprochement between the two countries brings the worlds attention to three facts.
Bernie Sanders is angry. Who is he angry at? Rich people. Why rich people? Thats not clear. At Liberty University, Sanders complained about a small number of people who have huge yachts, and jet planes and tens of billions while others are struggling to feed their families. In Madison Wisconsin, Sanders called for a political revolution against greed.
Stanford University economist Thomas Sowell was asked the other day whether the understanding of basic economics has been elevated in political discussions over time. His answer? Economic literacy hasnt gotten better. Its gotten worse.
Hillary Clinton has a solution to the problem of low wages: Government should make them higher.