MaCurdy found that less than 40% of wage increases [from a minimum wage hike] went to people earning less than twice the poverty line, and among that group, about third of them are trying to raise a family on the minimum wage. In other words, something like 1 in 8 people who do receive the minimum wage (and ignoring any potential adverse effects of it), are actually in what you might call the “targeted” group. 7 out of 8 people who receive minimum wage increases fall outside the targeted group.
Posts tagged ‘Unbroken Window’
Economists advocate for Federal funding of economists. Because if there is anything economics has taught us, its that the Feds do such a good job at allocating resources.
Via the Unbroken Window (arguing against personal interest, I suppose, since the author is a professor of economics)
I want to thank Professor Mike Rizzo and members of the University of Rochester Alexander Hamilton [sic] Society for having me up to speak last week. I had an awesome time touring campus, some quality pub time with some of the students, some really good donuts, and then a speaking engagement followed by literally hours of questions and discussions. Here are some of us out the next day hiking the waterfront (Professor Rizzo is fourth from the right). This is at a "lighthouse" which I had expected to be some sexy Maine-type thing but turned out to be a 3-foot wide steel column with a blinking red light on top. We are on one of the breakwaters at the mouth of the Genessee River as it pours into Lake Ontario.
Professor Rizzo teaches four economics courses, including a couple of the introductory survey courses, and many students go out of their way to take all four, even if they are not even in the department. The group had an incredible vibe, the kind of student-professor learning group we all thought would be typical of college but most of us seldom actually encountered. It reminded me of Dead Poet's Society, except with economics rather than poetry and without the suicides.
In addition to being a popular professor, Rizzo also is a vastly outnumbered campus defender of individual liberty and economic sanity. I can't tell me how many kids told me they had been converted to the cause of free market economics by Professor Rizzo.
Professor Rizzo is also a constant campus gadfly on cost-benefit sensibility. Featured in an upcoming post will be a U of R solar charging station that was one of Rizzo's favorite targets. Which brings us to the issue of the group's name and why I keep writing [sic]. Apparently creating a new campus organization and 501c3 was way too costly, so they just piggy-backed on an existing group, despite the incongruity of the "Alexander Hamilton" name on a group generally dedicated to exploring small government.
I seem to be having some odd problem subscribing to his feed in Google Reader (all I get is Viagra Spam) but his blog is here: The Unbroken Window. Update: I could never get his feed to work for me so I burned a new one on my feedburner account. http://feeds.feedburner.com/UnbrokenWindow