It is heartbreaking to see the people of Venezuela, formerly the poster child for 'democratic socialists' like Sen. Bernie Sanders, reduced to being lab rats in another experimental proof of the the awfulness of socialist economics. But there are lessons in this and the least we can do is learn from them. ...
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Since 2010, the amount of work done in Minnesota has grown faster than in Wisconsin but the amount produced by this work has increased faster in Wisconsin. As we noted last year, Minnesota's workers are less productive than the national average. This needs to change for the economic well-being of the state. The same goes for the new Minnesotans too. ...
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There was a time when leading economists would write for a mass audience, commenting on the issues of the day, and applying economic principles to them. These six books offer a course in both economics and the economic aspects of post-war U.S. history. They also offer a window on a time when debate about these issues was, perhaps, less shrill than it is now. It was also, probably, more fruitful. ...
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Have the bosses of Target, Wal Mart, and now Amazon, have all suddenly been struck with a bout of generosity? Or that they are reacting as you would expect when they find a resource they need - labor - to be increasingly scarce? ...
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In 2017, an increased number of American workers quite their jobs to look for a better offer elsewhere. This reflects increased optimism about the economy from American workers and bodes well for future wage growth. There has been a lot of positive economic news recently and this is one more part of the picture. ...
Continue readingThe article below originally appeared in the Washington Post. - I know, I was as surprised as you are. Federal Reserve Chair Jerome H. Powell said Tuesday that the U.S. economy appears to be in the midst of a “remarkably positive” period that is unprecedented in modern history. The Fed is predicting that unemployment will remain below 4 percent through 2020 and that inflation will stay low — around 2 percent — during that time. This has never happened in modern U.S. history. The last time unemployment was that low for several years, in the 1960s, it triggered high inflation, but the central...
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Last week, the Star Tribune gave Seattle City Councillor Kshama Sawant space to comment on Saint Paul's proposed $15 minimum wage. Sadly for the Strib's readers, Ms Sawant took the opportunity to say a number of things that just ain't so....
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According to Milton Friedman, one of the great economists of the 20th century, "One of the great mistakes is to judge policies and programs by their intentions rather than their results". Just because something is called a 'Jobs bill' or an 'Affordable Care Act' does not mean that more jobs or affordable care will be the result. When assessing these policies, we should not look at the good intentions that produced and named them, but at their actual effects on jobs or the affordability of care. In this Newsweek column from October 1982, Friedman lists a number of examples where government...
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Minnesota's supposed 'labor shortage' represents an opportunity for the state's workers to find higher wages. These increases will be sustainable, driven, as they are, by underlying economic forces, and not the wave of a legislative wand. ...
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Wages have been rising in nominal terms in Minnesota, but inflation has taken much of that increase. Fortunately, if the Federal Reserve does its job, the prospects look better. ...
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