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Public Policy Brief No. 42Automatic Adjustment of the Minimum Wage
The fact that every change in the minimum wage requires an act of Congress means that debate over the wisdom of having a minimum is repeatedly returned to the political arena. As inflation continues to erode the value of the minimum wage, each legislative delay means that a larger increase is required. The larger the […] -
Public Policy Brief Highlight No. 42Automatic Adjustment of the Minimum Wage
The fact that every change in the minimum wage requires an act of Congress means that debate over the wisdom of having a minimum is repeatedly returned to the political arena. As inflation continues to erode the value of the minimum wage, each legislative delay means that a larger increase is required. The larger the […] -
Working Paper No. 249The American Wage Structure, 1920–1947
This paper uses industrial wage data and a systematic if unconventional selection of methods to examine changes in the inter-industry structure of wages between 1920 and 1947. We first sort among the available data on wage change by industry and occupation for blocs that exhibit common patterns of wage changes over time, reducing the 83 […] -
Working Paper No. 248
Can Expenditure Cuts Eliminate a Budget Deficit?
Australian governments since the late 1970s have attempted to eliminate the fiscal deficit through reductions in expenditure. These efforts have failed. With each successive business cycle the federal government’s budget outcome has been an ever-growing deficit. This paper explains the failure of the government to achieve its balanced budget objective through expenditure reductions. It argues […] -
Working Paper No. 247
“Inability to Be Self-Reliant” As an Indicator of US Poverty
The official poverty measure is based on the premise that all families should have sufficient income from either their own efforts or government support to boost them above a family-size-specific threshold. Given the current policy emphasis on self-reliance and a smaller role for government, this measure appears to have less policy relevance now than in […] -
Working Paper No. 246
Derivatives and Global Capital Flows
Four factors in the current financial crisis in Asia have surprised observers. First, although capital flows in Asia appeared stable, the crisis was precipitated by the reversal of the very large proportion of short-term lending. Second, although Asia appeared to be an example of the maxim that capital flows to the region with the highest […] -
Report No. 3
Report August 1998
In this issue, Senator Daniel Patrick Moynihan talks with Sanjay Mongia about Social Security, tax reform, income inequality, and trade. Moynihan argues that Social Security should return to a pay-as-you-go system that allows participants to invest part of their contribution in a savings plan. Contents: Symposium on Employment Policy and Labor Markets: Is There […] -
Public Policy Brief Highlight No. 41
Side Effects of Progress
Why does a dynamic growing economy have a persistent long-term unemployment problem? Research Associates Baumol and Wolff have isolated one cause. Although technological change, the engine of growth and economic progress, may not affect or may even increase the total number of jobs available, the fact that it creates a demand for new skills and […] -
Public Policy Brief No. 41
Side Effects of Progress
Why does a dynamic growing economy have a persistent long-term unemployment problem? Research Associates Baumol and Wolff have isolated one cause. Although technological change, the engine of growth and economic progress, may not affect or may even increase the total number of jobs available, the fact that it creates a demand for new skills and […] -
Working Paper No. 245
Reciprocity and the Guaranteed Income
This paper argues that a guaranteed income is not only consistent with the principle of reciprocity but is required for reciprocity. This conclusion follows from a three-part argument. First, if a guaranteed income is in place, all individuals have the same opportunity to live without working. Therefore, those who choose not to work do not […] -
Working Paper No. 244
Can Taxes and Bonds Finance Government Spending?
This paper investigates the commonly held belief that government spending is normally financed through a combination of taxes and bond sales. The argument is a technical one and requires a detailed analysis of reserve accounting at the central bank. After carefully considering the complexities of reserve accounting, it is argued that the proceeds from taxation […] -
Working Paper No. 243
State Type and Congressional Voting on the Minimum Wage
How members of Congress vote on increases in the minimum wage is a function of several factors, most notably party affiliation and constituent interest. But also among those factors is the existence of “right-to-work” laws in the representative’s state and the presence of labor unions, especially as they represent a voting constituency. This paper examines […]