“A male-dominated economy gave way to a more gender-blind one. The proportion of men aged sixteen to sixty-four engaged in the workforce declined from 91 percent in 1950 to 84 percent in 2000, while the proportion of women rose from 37 percent to 71 percent. The era saw what Daniel Bell dubbed the “post-industrial society” emerge from the womb of industrial America. The focus of economic life shifted from making things to irrigating ideas—from factories to office parks and from steel mills to universities. Specialists in IT and finance were in particularly heavy demand. The share of U.S. gross domestic product accruing as income to finance and insurance rose fairly steadily from 2.4 percent in 1947 to 7.6 percent in 2006. The finance industry also attracted people with ever more rarefied skills, such as PhDs in mathematics and physics. In 2007, a quarter of all graduates of California Institute of Technology went into finance. One way to show the profound change in the economy, as br
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From Inflation: What It Is, Why It's Bad, and How to Fix It. Steve Forbes, 2022. Kindle online sample. Section 2. Adam Smith described in 1776 true wealth is created by people meeting each other’s needs in the marketplace. Buying, selling, and innovating. That is as true today as it was during his time. WEALTH IS CREATED BY TECHNOLOGICAL ADVANCES THAT CREATE JOBS, INCREASE PRODUCTIVITY, WHICH GIVE RISE TO STILL MORE INNOVATION AND WEALTH CREATION. Think of the millions of jobs, the countless ancillary businesses, and the spectacular wealth created by devices like the iPhone or by e-commerce sites like Amazon.com. These innovative businesses, and others like them, are what move humanity forward. … Chapter One, “What is Inflation?” explains the difference between what inflation actually is, and what many of us think it is. Most people think of inflation as being about “price increases.” However, higher prices are the effect of inflation, not the cause. THERE ARE TWO TYPES OF INFLA
Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 6 The Economics of Labor Markets Chapter 19 of 36 Earnings and Discrimination Section 13 of 17 … What are the economic forces lying behind labor markets hiring discrimination? If one racial group receives a lower wage than another group even after controlling for human capital and job characteristics what and who is to blame for this differential? Some instinctively blame employers for non-economic discriminatory wage differences. Employers make the hiring decisions that determine labor demand and wages. If some worker groups receive lower wages than others, it seems employers are discriminating against people in that group. … Many economists are skeptical of this simple conclusion. They believe competitive market economies provide a natural prevention of employer non-economic discrimination. That prevention is the profit motive. Consider an imaginary economy: · workers are only differentiated by their hair c
https://www.prageru.com/video/understanding-marxism-change-the-world Transcript of video Understanding Marxism: Change the World. Brad Thompson. June 6, 2022. Engraved on Karl Marx’s tombstone in Highgate cemetery in north London are the following words: “the philosophers have only interpreted the world in various ways, the point however is to change it.” SUBSTITUTE THE WORD PROFESSOR FOR THE WORD PHILOSOPHER, WE REALLY DON’T HAVE PHILOSOPHERS ANYMORE, AND YOU GET RIGHT TO THE CORE OF MARX’S ENDURING ATTRACTION to the contemporary world. … Marx demands the intellectual class, the professors of law, sociology, history, women studies, anthropology, journalism to name some, come out of the ivory tower and join the barricades. He demands they see themselves not as the preservers of the dusty past but the creators of a new and glorious future. The lure has proven to be very strong and it’s not hard to understand why. How much more meaningful than to see yourself as an agent of change rather
Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 6 The Economics of Labor Markets Chapter 19 of 36 Earnings and Discrimination Section 12 of 17 … Measuring the extent of labor market non-economic discrimination is difficult. In 2004, economists Marianne Bertrand and Sendhil Mullainathan answered 1,300 help wanted ads run in Boston and Chicago newspapers by sending in 5,000 fake resumes . Half of the resumes had names more common in the African American community, including Lakisha Washington or Jamal Jones. The other half had names more common in the white population, including Emily Walsh and Greg Baker. Otherwise the resumes were alike. The researchers found large differences in employers’ responses to the two groups. Job applicants with white names received about 50 percent more response calls than applicants with African American names. The study found this discrimination occurred for all types of em ployers including those who claimed to be an "E
From Inflation: What It Is, Why It's Bad, and How to Fix It. Steve Forbes, 2022. Kindle online sample. Section 1 Almost daily, people are shocked by media reports of double-digit increases in the price of food, gas, automobiles, and other essentials. Adding to public anxiety is an ever-mounting level of government spending, causing federal debt to now exceed the size of the entire US economy. Much of this massive obligation is being financed by the Federal Reserve, the US central bank (the “Fed”), through Treasury bonds that it pays for with money it created out of thin air. This AGGRESSIVE SPENDING, COMBINED WITH THE FED’S MONEY CREATION, HAS UNLEASHED AN OCEAN OF DOLLARS INTO THE ECONOMY. … Between December 2019 and mid-2021, the money supply exploded by more than 35 percent, exceeding an astonishing $20 trillion. Alarms have been sounding about the potential of so much “money printing” to create a dangerous inflation. Among the first to voice concerns was Larry Summers, the Keyn
Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 6 The Economics of Labor Markets Chapter 19 of 36 Earnings and Discrimination Section 11 of 17 … Table 2 here … One source of differences in wages is non-economic discrimination. This discrimination occurs when the marketplace offers different opportunities to similar individuals who differ only by personal characteristics including race, ethnic group, sex, and age. Non-economic discrimination happens because some people have prejudice against those of certain demographic groups. … Table 2 shows substantially different wages of groups of workers in the United States · the median black man is paid 21 percent less than the median white man · the median black woman is paid 8 percent less than the median white woman · the median white woman is paid 23 percent less than the median white man · the median black woman is paid 10 percent less than the median black man These differentials appear to be evidence employ
From article Biden is using Roe as a distraction from inflation. Larry Kudlow. June 24, 2022. The Supremes finally went ahead and overturned Roe v. Wade, with a five-justice majority and affirmed states' authority to regulate abortion. ABORTIONS WILL STILL BE AVAILABLE IN NUMEROUS STATES and the Alito text expressly ruled out overturning other precedents such as contraception, interracial marriage and same-sex marriage. … As I have in the past, I will put my cards face-up on the table: I am a strong pro-life advocate of the rights of the unborn. I appreciate that many disagree with me, and I respect their views, but that is what I believe. People talk about the woman's right to choose. I understand the importance of that, but who will speak for the unborn? They are God's creation. I am one of the many, many millions of people who will defend their right to live. WE HAVE LOST 63.5 MILLION HUMAN BEINGS SINCE 1973, according to the Guttmacher Institute. In recent years, the vo