Tag: Unemployment

Jean Tirole, 2014 Nobel Laureate in Economic Sciences »

The 2014 Nobel Prize in Economic Sciences was awarded to Jean Tirole of the Toulouse School of Economics. According to Reuters, the prize recognizes Professor Tirole’s work aimed at “taming” private business firms through governmental regulatory interventions and antitrust law enforcement. That summary is true as far as it goes. Professor Tirole indeed spent...
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Obama’s Latest Hostile Takeover Target: Private Career Colleges »

The Obama administration’s latest college crusade claims it will help students. In reality, it’s a hostile takeover attempt by government of the private for-profit career college sector that will hurt students, taxpayers, and the economy. Education Secretary Arne Duncan acknowledges that the “majority of career colleges play a vital role in training our workforce...
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Long-Term Unemployment Benefits Expire; Long-Term Unemployment Falls »

The unemployment rate has fallen from 6.7% at the end of 2013 to 6.1% in August 2014. That decline is primarily the result of the expiration of long-term unemployment benefits. Unemployment compensation usually expires at the end of 26 weeks of unemployment, but during the last recession Congress extended that period, and many states...
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Once Again, Government Displaces Real Aid »

The history of the growth of government is riddled with government programs driving out well-functioning arrangements for the private provision of assistance and social services, including welfare, healthcare and hospital services, unemployment assistance, disaster relief and more. So it should come as no surprise that now Obamacare is doing the same. As reported in...
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New Video with Ron Paul: “Defining Liberty: The Future of Freedom” »

How can Americans overcome record government spending and debt, escalating healthcare costs, intrusive federal surveillance, endless wars, ongoing economic malaise, high unemployment, failing schools, and increasing abuses of civil and economic liberties? In this superb, new video from the recent, sold-out event sponsored by The Independent Institute and The Smith Center for Private Enterprise...
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Want to Start a Private Postsecondary School in California? Good Luck »

Not everyone wants to attend a traditional four-year college. A lot of people want to learn a trade and start a career immediately out of high school. Vocational schools have served these people in the past and helped them learn a trade in fields such as automotive repair, cosmetology, or nursing. Other people want...
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The Double Faustian Minimum Wage Bargain of 2007 »

In an ordinary Faustian bargain, a mortal sells his (or her) soul to an incarnation of the Devil in exchange for worldly power. However, in 2007 an extraordinary double Faustian bargain took place, in which, in effect, Lucifer and Mephistopheles both gave up their own souls, in exchange for the other’s. In 2006, Democrats...
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Why Are So Many Economists Confused About Obamacare’s Effects on Jobs? »

What’s wrong with the business economists? Have they forgotten everything they learned in Econ 101? Casey Mulligan explains it for the umpteenth time: As far as I know, before this month the only place that one could read about the Affordable Care Act’s new employment tax was in this paper by David Gamage, in...
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Krugman Plays a Mulligan »

The CBO now estimates that Obamacare will reduce the labor supply by the equivalent of 2.4 million jobs by 2024. The main reason: the implicit marginal tax rates created by the withdrawal of the Obamacare tax subsidies in the health insurance exchanges. Like unemployment insurance, food stamps, and other welfare benefits, government help gets...
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Krugman: “Why aren’t wages going up?” »

In his New York Times column yesterday, Princeton economist Paul Krugman argues that unprecedented extended unemployment benefits can’t have been the cause of the unprecedented average duration of unemployment during the “Great Recession.” He reasons, “If unemployment is high because people are unwilling to work, reducing the supply of labor, why aren’t wages going...
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