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Category Archives: Labor
repeal the davis-bacon act
In 1931, the Davis Bacon Act (DBA) was passed. According the FAR 22.403-1 “The Davis-Bacon Act (40 U.S.C. 3141 et seq.) provides that contracts in excess of $2,000 to which the United States or the District of Columbia is a … Continue reading
Posted in Contracting, Econ 101, Economics, Goverment, Labor, Price Controls, prices
1 Comment
krugman loses all grasp of reality
From a recent post by Paul Krugman talking about Unemployment Insurance. As a background, Classical view states that if you pay someone to be unemployed, they will stay unemployed longer than otherwise. Here is Krugman: But if you follow right-wing … Continue reading
Posted in Econ 101, Economics, Labor, Leftists
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walmart and the 15 dollar wage
Peter Schiff is receiving his fair share of death threats these days. His crime: he explained why Walmart cannot pay $15 per hour wages. He explains: Walmart’s profit margins are extremely slim as it is (3%). Their customers want low … Continue reading
Posted in Econ 101, Economics, Labor, prices
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learning from a titan of industry
The other day I had the good fortune to sit next to a very interesting man on a flight to Chicago. It turned out that he was an independent consultant and premium priced contractor for various factories around the world. … Continue reading
Posted in Economics, Human Nature, Labor
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possible harms of the minimum wage
In a previous post, I quoted economist Don Bordeaux concerning possible ways employers deal with an increasing minimum wage. One commenter stated that minimum wage employers offer few fringe benefits so it is unlikely that they could decrease fringe benefits … Continue reading
Posted in Economics, Goverment, Labor
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restaurant food pricing
Russ Roberts asks why take-out food at sit-down restaurants is not less expensive than the sit-down prices. The assumption is that the price of food at a restaurant covers the fixed cost of operating a table. Russ wonder why those … Continue reading
Posted in Economics, Labor
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recession economics
EconLog posted one of their most informative posts today. Bryan Caplan writes on why wages do not decrease during a recession (i.e. why employers favor layoffs). Markets in everything. It appears that there is an internal business market for equity … Continue reading
Posted in Econ 101, Economics, Human Nature, Labor
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on tariffs and coersion
Don Boudreaux on import tariffs: If American shrimpers waved guns in consumers’ faces and threatened to shoot if these consumers insist on buying low-priced imported shrimp rather than buy higher-priced domestic shrimp, such thievery would be punished with jail time. … Continue reading
Posted in Economics, Goverment, Labor
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minimum wage maximum economic ignorance
Huffington Post is it at again. Showing their disdain for science, a new article declares that: The minimum wage debate is a shining example of the left’s vigor and academic prowess. Sadly, that is true. The minimum wage debate is … Continue reading
Posted in Econ 101, Economics, Goverment, Labor, Price Controls, Standard of Living, State Worship
1 Comment
understanding the fall of detroit
In 1907 Eugene Richter wrote a book entitled “Pictures of the Socialistic Future”. The rise of communism and socialism did not occur until decades later, which makes the accuracy of Richter’s prophecies more chilling. Ritcher applied basic economics to how … Continue reading
Posted in Econ 101, Economics, Goverment, History, Human Nature, Labor, Leftists, Price Controls, State Worship, Taxes
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reality is not optional 