Written by William R. Rusk, GEI Associate
I'm sorry but you will never be able to support your family working at McDonald's... even with a substantial minimum wage increase.
Beginning late last year, fast-food employees organized by local social rights operations and the SEIU began coordinated strikes across the country demanding that the minimum wage be increased to $15/hour. The protests were based largely on employee frustration, not being able to support a family or live by themselves, they directed their rage at their employers.
by Randall Holcombe,mises.org
Thomas Piketty's book, Capital in the Twenty-First Century, has received lots of press and been reviewed dozens of times, so I'm not going to write a general review, but I do want to comment on his depiction of capital, contrasting it with a more Austrian approach.
Piketty's main conclusion is that the return on capital is greater then the overall growth in income, so owners of capital will see their incomes and wealth rising faster than the general population, causing rising inequality over time. He has an impressive data set, and his analysis shows fairly convincingly that inequality has been rising since 1980.
by EconMatters, EconMatters.com
Job Market Tightening
The labor market is really starting to tighten and Thursday's initial jobless claims coming in at 298,000 for the May 10 week is the lowest reading since May 2007. In several of the economic reports this week, increased strength in the labor components also suggest increased hiring in the manufacturing sector in the Empire State Manufacturing Survey coming in at a whopping 19.01.
May 24th, 2014
in Op Ed
by David Gordon, mises.org
The New Libertarianism: Anarcho-Capitalism. By J. Michael Oliver, CreateSpace, 2013. 188 pp.
J. Michael Oliver tells us that this remarkable book began as an academic thesis written in 1972 and submitted the next year for a graduate degree at the University of South Carolina. The book is much more than an academic thesis, though; it is a distinguished addition to libertarian thought.