Minimum wage mystery

Does raising the minimum wage cause loss of jobs? David Brooks, writing in The New York Times this morning under the headline “Minimum Wage Muddle,” predicted that “economists will never be able to give us a dispositive answer about who is hurt or helped.” I don’t know why he thinks it’s all that difficult. Continue reading

The end of the economy

I knew that the New York World’s Fair of 1939 envisioned a future in which mechanization would have increased productivity so that the average person would work shorter hours and yet have more real income. I also know that increased productivity did not have that effect. What I just found out was that there was already, at that time, a warning of how that might happen and how it could be prevented. Continue reading