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Category Archives: Labor

The shortages in Venezuela, as I have discussed in previous posts, are due to price ceilings which suppress the quantity offered on the market while encouraging extra consumption. Low prices also encourage exports of those price controlled items and discourage imports.  As a result, people in Venezuela are continuously frustrated in their basic attempts to buy […]

As you should recall, then House Speaker Nancy Pelosi (D-CA) stated that we needed to pass ObamaCare, or the so-called Affordable Care Act, in order to see what was in the bill, as we  see in this Youtube video. Of course, we would think that a better way to go about finding out what is […]

Here is a thoughtful critique of the President’s minimum wage proposal, and this is from his former Chair of the President’s Council of Economic Advisers, Christina Romer that appeared in the New York Times on 3-2-13.  Of course, a few days ago, I posted this piece on the minimum wage here on Bastiat’s Bastions.  So, […]

Without a doubt, the federal budget is in awful shape.  For every dollar of federal spending, we are only taking in 60 cents of taxes, meaning that another 40 cents on the dollar is deficit spending, which must be borrowed, some from Americans and some from the Chinese.  We know we cannot borrow much from […]

Robert Higgs is an economic historian who questions a lot of “conventional wisdom.”  Overcoming the intellectual inertia of conventional wisdom is very difficult.  Take a look at this video of his lecture on the Great Depression, where he examines the idea that war brings about prosperity, especially examining the case of World War II supposedly […]

I am not going to comment on this article by Hope Yen with the Associated Press.  Don’t get too depressed. Keep on smiling. -MC

Recently, the unemployment rate has continued to drop, falling from 8.3% in February to 8.2% in March.    Good news? Maybe, but maybe not.  See this press release from the Bureau of Labor Statistics on the most recent employment and unemployment statistics.   In our look at measures of unemployment (in ECON 212 and ECON 255), we […]

A few days ago I posted this comment on how local governments protect existing businesses from competition by erecting barriers to entry through occupational licensing.  That story reminded me of  another story along similar lines, about a pair of Washington, D.C. entrepreneurs, Taalib-Din Uqdah and Pamela Ferrell who started their small business, Cornrows & Co. in 1980, […]

In class today, I talked about the “Social Interest Theory” of Regulation.  Note in this article from the Freeman that it is government that is erecting huge barriers to entry and monopolizing something that seems simple, like street vending.  Now why would a government change an industry that is about as competitive as an industry can […]

  A recent study   released by the Tax Foundation and reported by the Pelican Institute (here) states that extended unemployment benefits, which has been part of the stimulus programs passed by Congress, have increased the unemployment rate and slowed our recovery. Under ordinary conditions, an unemployed individual is eligible for up to 26 weeks of […]

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