Labor

A factor of production, labor is necessary for producing goods and services. Econlife looks at labor related issues that include how jobs have changed, wages in the US and internationally and outsourcing and unions and the minimum wage.

  • For most economists, historians, social scientists, it is tough to avoid research bias

    Making Presidential History

    Nov 13, 12 • 492 Views • No Comments

    President Obama has been having dinner with historians. Described by the NY Times as a “largely left tilting group,” the names I consistently discovered that attended the dinners were: Doris Kearns Goodwin, Michael Beschloss, Robert Caro, Robert......  [read more]

  • Decisions Have An Opportunity Cost That Require Tradeoffs

    Behavioral Economics: When Do We Minimize Risk?

    Nov 12, 12 • 344 Views • No Comments

    With Election Economics having concluded, for the next 4 weeks, Monday posts will focus on topics that relate to behavioral economics. Let’s start with Hurricane Sandy and my own NJ neighborhood. Really though, we will be looking at how many of us......  [read more]

  • Beer and pretzels.

    Beer Economics

    Nov 8, 12 • 1006 Views • No Comments

    In China, 1/2 liter of beer costs 9 minutes of work. To calculate how many minutes of work it takes to buy beer in 150 countries, Swiss bank UBS researchers divided the median wage in that country by the price of 1/2 liter from a retailer. Their results?......  [read more]

  • Our Transportation Infrastructure is Crumbling

    A Path for Driverless Cars

    Nov 3, 12 • 749 Views • 2 Comments

    A self-driving car could be a pleasure… The day would begin with a pick-up that you scheduled through your phone app. When your self-driving car arrived at your front door, you would get in, check today’s drive time and start to prepare for your......  [read more]

  • How much should cities plan for the storm of the century?

    A Ripple of Problems From Hurricane Sandy

    Nov 1, 12 • 372 Views • No Comments

    Reading economist Arnold Kling’s explanation of why it will take a very long time to return to normal from Hurricane Sandy, I kept thinking of my own NJ disaster devastated neighborhood with downed trees on roads covered with branches, leaves and wires.......  [read more]