Nice brief exposition of how the public employees' union and everybody else can take two very different views.
Take a wild guess.
One of the many, many examples of why many people don't trust our federal government.
John Tamny energetically criticizes Akerlof and Shiller's recent Phishing for Pfools.
(And Tamny doesn't even discuss probably the biggest objection, known since at least the Roman Empire: even if there really are smart people like Akerlof and Shiller who could potentially improve our welfare by telling us what to do, Quis custodiet ipsos custodes?)
See also "Obamacare 2016: Where even a Ph.D. economist cannot get a good deal on health insurance".
Visiting China last year, I was struck by an interesting puzzle. In the U.S., if you are in a big building selling clothes or groceries, a department store or a supermarket, the people selling them to you are employees of the firm that owns the building. In China, you are much more likely to be in a building whose owners rent it out in small pieces to a lot of individual sellers. Instead of a supermarket, you have a large building with half a dozen butcher stalls, eight fish stalls, ... . Instead of a department store, you have the same pattern with different stalls selling different sorts of clothing, jewelery [sic], electronics.
A summary of a recent Moody's report.
Chicago's unfunded pension obligations could continue to swell for at least the next decade, Moody's Investors Service believes.
And that's the good news offered in a new Moody's report, under a best-case scenario with public safety pension funds benefitting from a record property tax hike and assuming the city prevails on pending political and legal challenges.
Link via the very interesting if often discouraging PensionTsunami.
Excellent piece by Stephen Moore that reminds me of one of my wife's favorite aphorisms: "Don't let the perfect be the enemy of the good."
This study makes use of detailed student-level data from eight cohorts of first-year students at Northwestern University to investigate the relative effects of tenure track/tenured versus contingent faculty on student learning. We focus on classes taken during a student’s first term at Northwestern and employ an identification strategy in which we control for both student-level fixed effects and next-class-taken fixed effects to measure the degree to which contingent faculty contribute more or less to lasting student learning than do other faculty. We find consistent evidence that students learn relatively more from contingent faculty in their firstterm courses. This result is driven by the fact that the bottom quarter of tenure track/tenured faculty (as indicted by our measure of teaching effectiveness) has lower “value added” than their contingent counterparts. Differences between contingent and tenure track/tenured faculty are present across a wide variety of subject areas and are particularly pronounced for Northwestern’s averages and less-qualified students.
Regulations curbing the entry of large retail stores have been introduced in many countries to protect independent retailers. Analyzing a planning reform launched in the United Kingdom in the 1990s, I show that independent retailers were actually harmed by the creation of entry barriers against large stores. This is because the entry barriers created the incentive for large retail chains to invest in smaller and more centrally located formats, which competed more directly with independents and accelerated their decline. Overall, these findings suggest that restricting the entry of large stores may exert negative competitive effects on independent retailers.
We exploit daylight saving time (DST) as an exogenous shock to daylight, using both the discontinuous nature of the policy and the 2007 extension of DST, to consider the impact of light on criminal activity. Regression discontinuity estimates show a 7% decrease in robberies following the shift to DST. As expected, effects are largest during the hours directly affected by the shift in daylight. We discuss our findings within the context of criminal decision making and labor supply, and estimate that the 2007 DST extension resulted in $59 million in annual social cost savings from avoided robberies.