Tag: income
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Varieties of Inequality
I can think of at least six kinds of inequality: Inequality of income: different people receive different wages, either for different jobs or for the same job, as profits from capital investments, or as government subsidies, transfer payments, or private charity. Inequality of consumption: different people consume different products (i.e. the generic widget) in differing…
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The Progressive Paradox
At the beginning of the twentieth century, there was a broad consensus among reformers in the United States regarding the perniciousness of economic monopolies and winner-take-all politics. After that period of rampant growth and cronyism known as the Gilded Age, groups who had been disproportionately disadvantaged by political patronage and voter fraud began to organize…
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Talk Ain’t Cheap
Deirdre McCloskey describes her project: I have been trying for thirty years to revive the rhetorical tradition, and lately to introduce language into the economists’ models in which talk is cheap and therefore of no consequence. On the contrary, sweet talk, persuasion, is one quarter of national income, earned by managers and teachers, police…
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What is the belief you hold that is most likely to be wrong?
Another way of putting this question is: how does your ideology and social setting blind you? One way to answer is to look at those beliefs that you have the most incentive to deceive yourself about. What are your biases? For instance, I’m probably not as smart or as caring as I think I am, because…
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Arendt, Antisemitism, and the Chicago Teachers’ Union Strike
I am one of those ideologically-impure liberals that worries a lot about public sector unions. On the one hand, I favor workplace democracy and collaboration; on the other hand, I worry about the fact that as union membership has declined, the majority of remaining union members haved tended to be at the top of the…
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There is no college bubble
Megan McArdle’s Newsweek cover story, “Is college a lousy investment?” is an odd beast. Parts of it are really great, and there are some very important observations throughout to which my colleagues and fellow progressives should pay attention. But the title, framing, graphics, and many of the arguments are just silly, which makes it a…