|
Eva pregunto:
Could I order a new chequebook, please? <a href=" http://www.hotel-tychon.be/gastronomie-2/wochenendmenu/ ">order wildman x</a> Since when did employers get all of this “wage setting power”? Apparently these SF Fed economists think that U.S. labor markets are full of monopsonists, even though economists have trouble finding many of those–at least, that aren’t supported by government regulations. What is going on is pretty simple: (1) taxation and regulations in general and Obamacare particularly are stifling labor demand, which tends to push down real wages and employment, and (2) government programs that give people handouts have raised the opportunity cost of working (see the book by Casey Mulligan of the U. of Chicago), which has reduced labor supply, which tends to push up real wages and reduce employment. The net effects are little change in real wages and definitely lower employment, which is exactly what we see. There is no reason to claim that monopsonistic employers are “holding down wages” or other such nonsense. Competitive markets are being strangled by misguided government policies, and a generation is being denied higher incomes and on-the-job training and human capital development that will damage our economy for many years. |
|
|
|
