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.

  • Equality or Efficiency, the Size of the Pie and Each Slice

    More Thanksgiving Economics

    Nov 23, 12 • 371 Views • No Comments

    From a past econlife Thanksgiving post: In 1623, 2 years after the first Thanksgiving, Governor William Bradford was worried about Plymouth’s food supply. The problem, he concluded, was that people shared whatever they produced. Because “able and fit”......  [read more]

  • Hoping to stimulate the economy, in 1939, FDR moved the date of Thanksgiving back a week.

    Thanksgiving Economics

    Nov 22, 12 • 573 Views • No Comments

    Reminding us of the economic significance of Thanksgiving, in 1939, President Franklin Roosevelt rescheduled the holiday. In 1939, Thanksgiving would have fallen on the last day of the month. That meant Christmas shopping would have been fewer days than usual......  [read more]

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

    Making Presidential History

    Nov 13, 12 • 511 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 • 354 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 • 1042 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]