WSJ: The Truth About Income Inequality

“The average top-quintile household pays on average $109,125 in taxes and is left, after taxes and transfer payments, with only 3.8 times as much as the bottom quintile: $194,906 compared with $50,901.” The census fails to account for taxes and most welfare payments, painting a distorted picture. By Phil Gramm and John F. Early Nov. 3, 2019 3:43…

WSJ: How Cashews Explain Globalization

This profile by Bill Spindle and Vibhuti Agarwal appeared in the Wall Street Journal this morning (Friday, December 1st, 2017). They examine the history of the international trade in cashews, starting with large farms in Kollam, Kerala, India employing vast hordes of low-cost workers in the late 1920s, and continuing to the present, where automated factories in…

Fear: No more jobs?

I’ve been meaning to write a post about the future of work.  Several young people have expressed concern that increasing automation — especially from software and robots — will mean that there will not be jobs for millions of Americans in the future.  I’ve pointed out that 95% of the US workforce in the late…