Whenever someone starts blubbering on about marginal productivity, the minimum wage, or anything else, keep the following in mind:
average hourly earnings for production and non-supervisory employees, all private sector.
mainly macro- An error has occurred; the feed is probably down. Try again later.
- Ross Anderson
- Brad DeLong
- Liscio Report
- Interfluidity
- Bilbo
- Worthwhile
- What’s New
- Econ History
- New Monetarism
- winterspeak
- Bruce Schneier
- New Economic Perspectives
- An error has occurred; the feed is probably down. Try again later.
Bet they used CPI, i.e. an index that overstates inflation by around 1%. Simple propaganda economics-
1. Find some data.
2. Find a suitable index
3. Use the index on the data to produce an “impressive” new statistic.
4. Call this statistic “real”.
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