iciac

8 ms·

61.
by iciac 7y ago
Best to read this blog as an example of economic behaviour explained through a graph - valuable in itself, as even basic graph theory concepts rarely make it onto an economics curriculum. Which is a shame, given how neatly algorithmic think
62.
by iciac 8y ago
Wage distribution certainly does not resemble a bell-curve. It's a long-tail distribution. This is observed consistently across different economies. This US figure is from 2015, however it should give the right idea: https:/&#x2F
63.
by iciac 8y ago
It's not only developing countries that benefit from increased female participation in the labour force. For Western nations, the increased proportion of women in the labour force was a core component of the rapid increased economic gr
64.
by iciac 8y ago
Automation usually requires a high fixed cost to enable long-term low-operating costs. If you suppose a decreasing unit installation cost or scale construction over time you'll eventually hit a point at which companies will automate, e
65.
by iciac 8y ago
The theory of the minimum wage is just the theory of a price floor. The effect on employment is dependent on the market composition and the cross-price elasticity of labour. Comparing a price floor of $15/h (highly substitutable unskil
66.
by iciac 8y ago
Wages can certainly track lower than marginal productivity. That's the expectation under monopsonistic labour markets (few or one buyers of labour, many substitutable potential employees). The observed employment effects in response to