Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 9 The Real Economy in the Long Run Chapter 28 of 36 Unemployment Section 17 of 23 ... In this chapter we discuss four explanations for long-run unemployment -1- frictional unemployment -2- minimum wage laws -3 - unions and collective bargaining -4- efficiency wages … -4- Efficiency Wages The theory of efficiency wages holds firms can operate more efficiently and profitably if they pay wages above equilibrium level. The unemployment that arises from efficiency wages is similar to that arising from minimum-wage laws and unions. Unemployment results from paying wages above the level that balances the quantity of labor supplied and the quantity of labor demanded. An important difference is efficiency wages are set at the discretion of the firm. Minimum-wage laws and union wages are forced on the firm. … Efficiency wage theory holds government and union forced wage levels are unnecessary, because firms are bette
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“Struggle is the indispensable accompaniment of progress. If men were entirely social, man would stagnate. A certain alloy of individualism and competition is required to make the human species survive and grow. Without qualities of an unsocial kind men might have led an Arcadian shepherd life in complete harmony, contentment, and mutual love. But in that case all their talents would have forever remained hidden in their germ.” - Emmanuel Kant “Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery.” – Winston Churchill
From The Utopia Playbook. Ayesha Ratnayake. 2023. Kindle online sample. Section 1. From introduction: If you've ever wondered what it would take to build a perfect world, you are not alone. A utopia full of happiness, health and abundance might sound like a pipe dream. But, if you look closely enough, THE WORLD IS ALREADY FULL OF UTOPIAS. The Utopia Playbook explores the countries that top the world’s indices in all the metrics that matter. ... Tap the secrets of: FINLAND, WHICH IS THE WORLD’S HAPPIEST COUNTRY Hong Kong, which has the longest life expectancy Bhutan, which is carbon neutral Spain, which is the biggest organ donor France, which has the least food waste And dozens more countries that hold the keys to an ideal world ... Discover where people can safely leave their babies in strollers by the street and which nation has doubled its GDP – while halving its carbon emissions. Explore why the language you speak can make you more or less likely to save for retirement, how one
What If All Of Us Were Union Members? First, watch this short video “Do Unions Raise Wages?” https://www.youtube.com/watch?v=S3EUrI63SnA … Most economists agree the demand for labor is relatively elastic, meaning an almost horizontal labor demand curve. Per Figure 1, with full unionization of an industry employment would substantially decrease in the industry, from D to C. For the remaining unionized workers wages would go up to 1.1. Total employment and wages paid in the industry would both decrease because of elastic demand for labor. The industry's total wages paid before unionization is the large area 0-A-E-D. The economy's total wages paid after unionization is the small area 0-B-F-C. Prices in the overall economy would only go up to somewhere between 1.0 and 1.1, so the unionized workers come out ahead. ... It’s better from the viewpoint of unionists that not all of us become union members. If we all were union members our wages would be 1.1. We'd all be employed bu
What is historical materialism? Chat GPT: Historical materialism is a theory developed by Karl Marx and Friedrich Engels as a fundamental concept of Marxist philosophy. It forms the basis for understanding historical development and social change. At its core, historical materialism is a materialistic interpretation of history that emphasizes the role of economic factors in shaping societies and their development over time. ... According to historical materialism, the driving force behind historical progress is the material conditions of society, particularly the means of production, such as technology, resources, and the organization of labor. Marx argued the mode of production in any given society, which consists of the relationship between the ruling class (owners of the means of production) and the working class (those who sell their labor), determines the social, political, and cultural structures of that society. ... Historical materialism views history as a series of distinct
From article Trump Town Hall Destroys Fake News Silo. Frank Miele. May 22, 2023. "The inventors of artificial intelligence went before Congress last week and warned that without government supervision, the emerging technology could be employed by the unscrupulous to mislead people and spread falsehoods. It’s frightening, but not without precedent. IF YOU WANT TO KNOW WHAT IT WOULD LOOK LIKE IF AN AI WERE PROGRAMMED TO BE RELENTLESS, RUTHLESS, AND AMORAL IN SERVICE TO A POLITICAL AGENDA, YOU DON’T HAVE TO LOOK FAR. JUST CONSIDER THE MAINSTREAM MEDIA. ... THEY HAVE TAILORED THEIR SO-CALLED NEWS COVERAGE TO FOCUS ENTIRELY ON ATTACKING CONSERVATIVES AND COVERING UP FOR DEMOCRATS. Anyone who challenges their narrative is accused of lying or peddling “conspiracy theories.” Any facts that disprove their assumptions are either ignored entirely or summarily dismissed as Republican “talking points.” ... And then remember this: Thanks to the First Amendment, the dangerous lies of the media
Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 9 The Real Economy in the Long Run Chapter 28 of 36 Unemployment Section 17 of 22 ... Economists disagree about whether unions are good or bad for the economy. Critics of unions argue unions are a type of cartel. When unions raise wages above the level equilibrium level of competitive markets · the quantity of labor demanded is reduced · some workers become unemployed · wages in the rest of the economy are reduced, because of increased supply of nonunion workers The resulting allocation of labor is both inefficient and inequitable. Inefficient because high union wages reduce employment in unionized firms below the efficient and competitive level. Inequitable because some union workers benefit at the expense of other non-union workers. ... Union advocates contend unions are a necessary to counter-balance market power of firms. Excessive market power of a company most common causes are · the company town wher
What was the philosophy of Karl Marx? Chat GPT: Karl Marx was a philosopher, economist, and political theorist who lived in the 19th century. He is best known for his theories on economics, history, and society, which laid the foundation for what is commonly referred to as Marxism. Here are some key aspects of Marx's philosophy: Historical Materialism: Marx developed a theory of history known as historical materialism. He believed the driving force behind historical change was the struggle between different social classes, which was ultimately rooted in the material conditions of society. Marx argued changes in the modes of production, such as the transition from feudalism to capitalism, shaped the structure of society and the relationships between classes. Dialectical Materialism: Marx drew on the dialectical method, influenced by the German philosopher Georg Wilhelm Friedrich Hegel, to analyze and understand social processes. He saw society as a dynamic entity characterized by