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Posts Tagged ‘wages

“A government that robs Peter to pay Paul can always count on the support of Paul”*…

 

Since 1979, inflation-adjusted hourly pay is up just 3.41 percent for the middle 20 percent of Americans while labor’s overall share of national income has declined sharply since the early 2000s. There are lots of possible explanations for why this is, from long-term factors like the rise of automation and decline of organized labor, to short-term ones, such as the lingering weakness in the job market left over from the great recession. But a recent study by a group of labor economists introduces an interesting theory into the mix: Workers’ pay may be lagging because the U.S. is suffering from a shortage of employers… its authors argue that the labor market may be plagued by what economists call a monopsony problem, where a lack of competition among employers gives businesses outsize power over workers, including the ability to tamp down on pay. If the researchers are right, it could have important implications for how we think about antitrust, unions, and the minimum wage…

… not to mention anti-trust laws.  The full story at: “Why Is It So Hard for Americans to Get a Decent Raise?

* George Bernard Shaw

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As we concentrate on concentration, we might spare a thought for Charles Erskine Scott (C. E. S.) Wood; he died on this date in 1944.  An author, civil liberties advocate, artist, soldier, attorney, and Georgist, he is best known as the author of the 1927 satirical bestseller, Heavenly Discourse.

Wood settled in Oregon, where he defended Native American causes, represented dissidents such as Emma Goldman and wrote articles for radical journals such as LibertyThe Masses, and Mother Earth.  His friends included Chief Joseph, Emma Goldman, Eugene Debs, Ansel Adams, Robinson Jeffers, Clarence Darrow, Childe Hassam, Margaret Sanger and John Steinbeck.  His daughter, Nan Wood Honeyman, was Oregon’s first U. S. congresswoman.

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Written by LW

January 22, 2018 at 1:01 am

Leaning In?…

Barbie, who celebrated her 54th birthday last month, has had more than 130 careers.  Some, of course, command higher wages than others. But what is perhaps surprising is that the price of a doll varies by profession.  Most in the “Barbie I can be…” collection cost $13.99; but some, like “computer engineer” or “snowboarder” can cost two or three times more.  It can’t be the (cheap) accessories that come with each— why should a miniature plastic laptop be valued so much more highly than a chef’s tiny cupcakes?

The Economist‘s “Graphic Detail” explains…

Matthew Notowidigdo, an economist at the University of Chicago, calls it the “Barbie Paradox,” an idea popularised by his colleague Emily Oster in an article last year in Slate. They conclude that price discrimination is probably at work: sellers exploit parental hopes that a girl playing palaeontologist may grow up to be the real thing, so charge more. And the white-collar professions certainly assuage criticisms from the early 1990s when Mattel released talking Barbies that groused “Math class is tough” (which inspired The Economist to publish an in-depth analysis of the pint-sized princess in 2002). Interestingly, there is only a modest correlation between Barbie’s occupations and real-world salaries. Inexpensive pilot dolls are paid quite a lot in life, and despite babysitter Barbie’s moderately high price, she would take home a pittance as a childcare worker.

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As we put away our childish things, we might send darkly humorous birthday greetings to Samuel Barclay Beckett; he was born on this date in 1906.  A novelist, poet, and theatrical director, Beckett is best remembered as the playwright who created (with Eugéne Ionesco) what Martin Esslin dubbed “The Theater of the Absurd.”  His Modernist masterpieces– Krapp’s Last Tape and Waiting for Godot, for instance had a profound influence on writers like Václav Havel, John Banville, Tom Stoppard, and Harold Pinter.  Beckett was awarded the Nobel Prize for Literature in 1969.

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Written by LW

April 13, 2013 at 1:01 am

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