Doing the Minimum | No Mercy / No Malice
For instance, let’s assume, for the sake of argument, that the wealthy earn eight percent on their holdings, annually and on average, while the poor earn one percent. If one-fifth of the gains to the wealthy trickle down to the poor over time, then the poor are better off if the wealthy command more resources. They will receive one-fifth of the eig
... See moreTyler Cowen • Stubborn Attachments: A Vision for a Society of Free, Prosperous, and Responsible Individuals
We are gravely suspicious of any tendency to expend less than the maximum effort, for this has long been a prime economic virtue.
John Kenneth Galbraith • The Affluent Society
The inability to rise, or even to maintain middle-class status, has sparked calls for a universal basic income, a policy embraced by many in the clerisy and throughout the oligarchy. A universal basic income would stand as what Karl Marx called “the proletarian alms bag,” keeping the masses from destitution without assisting them to move up, start ... See more
Our Neo-Feudal Future | Joel Kotkin
Martinelli highlights “the danger that basic income ‘would aggravate the problem of low pay and subsidize inefficient employers,’ leading to a proliferation of ‘lousy’ jobs.” In this scenario, those with good jobs will continue to lead fulfilling lives, now supplemented by universal income, while others will have to combine their UBI with one or mo... See more
Daniel Zamora • The Case Against a Basic Income
To illustrate the problem of applying a microeconomic perspective to a macro situation, consider the following. As every entrepreneur knows, employee costs are a major influence on a firm’s profits. Cutting payroll expenses means a more robust bottom line. Accordingly, it is commonly believed that when firms throughout the economy hold down wages,
... See morelevyforecast.com • 2008_Profits_040208
As for boosting growth, my number one recommendation would be much more high-skilled immigration. And then more low-skilled immigration to take care of their kids and help run their errands... I also would deregulate most of the American economy, starting with occupational licensing. I would however keep air pollution and climate change regulations... See more