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Employment

‘Popular Economics’ Presents Economics For The Everyman

You’re an economist and you don’t even know it. Oh, and your high school economics teacher didn’t know anything. Many economists have physics envy, causing their obsession with esoteric, complex charts and formulas. John Tamny’s new ‘Popular Economics’ instead explains the miracles of free human action.

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New York Times Explains Gender Wage Gap

Feminists complain that women are victims of discrimination who earn 78 cents on a man’s dollar. This misleading figure compares earnings of full-time working women to those of men, irrespective of type of job or time in the workforce. But the story of the Geller Law Group shows that women’s choices can result in lower pay. 

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Does the U.S. Have Less Economic Mobility? Part 2

Nothing in the Corak, Linduist, and Mazumder paper suggests that U.S. and Swedish levels of mobility differ meaningfully from each other. That still leaves the 2006 paper by Jantti and his coauthors, which found that the U.S. had lower relative mobility—at least for sons starting out at the bottom—than Denmark, Norway, Sweden, Finland, and the U.K. I’ll explain why this paper’s conclusion is also incorrect and explore some additional research comparing the U.S. to other countries in my final installment.

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Does the U.S. Have Less Economic Mobility?

The new evidence does not suggest that the U.S. has especially high economic mobility, but it does indicate that America is not the international laggard that has been portrayed by earlier studies. In this multi-part series, I will lay out the case for this surprising conclusion. In this installment, I review how the old consensus developed and discuss the methodological details necessary for understanding why the early mobility research gave the wrong impression. 

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New Congress Breaks into Action With Smart Bills

In describing the 114th Congress’ first 100 days, MarketWatch columnist Rex Nutting uses a four-letter word, dumb, no less than nine times. But maybe Congress’ “five dumbest things” make sense after all. Passing a budget, rolling back taxes, approving Keystone XL and reining in an overreaching agency might increase Congress’ popularity with voters back home.

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Unions are in trouble. Membership is declining, public pension plans are dangerously underfunded, and young workers are not interested in diverting a portion of their paychecks to dues that offer them few benefits in return. Half the states have passed “right to work” legislation that says that workers cannot be forced to join a union as a condition of employment. In the face of these challenges, the union membership rate has fallen to a 100-year low.

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On April 15, the Service Employees International Union is organizing nationwide fast food worker strikes to draw attention to its push for a $15 hourly wage. While such protests may seem to be grassroots efforts led by struggling workers, major unions fund and promote them. Unions desperately need to extend their reach to the high-turnover fast food industry if they are to stem sharply declining membership rolls.

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Maryland Sen. Barbara Mikulski, left, and Connecticut Rep. Rosa DeLauro want Con

April 14 is feminists’ misconceived Equal Pay Day.

That’s the day of the year, they say, when all women’s wages, allegedly only 78% of all men’s, “catch up” to what men have earned the year before. The fairy tale is that women have to work those extra months to get their fair share.

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More Americans Give Up Looking for Work

The March jobs numbers, released on Friday, were disappointing not only for the lower level of job creation, but for the continued decline in the labor force participation rate, the share of Americans who are working or looking for work. The participation rate is now at 62.7 percent, equivalent to February 1978 levels.

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Rand Paul Heads to the Races

Kentucky Senator Rand Paul will announce the official launch of his campaign for the Republican presidential nomination in Louisville today. In a video released on Monday, Paul promised, “On April 7, a different kind of Republican will take on Washington.” But how different is Paul from the other likely Republican candidates? Is he really, as Time Magazine claimed, “The Most Interesting Man in Politics”?

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