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by Michael Spencevia Project Syndicate
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interview with Stephen Habervia Wall Street Journal Live
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by Lee Ohanian, Edward Prescottvia Wall Street Journal

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In the News

Young Businesses Are More Vulnerable To Housing Market Shocks

featuring Steven J. Davisvia Chicago Booth Review
Thursday, April 4, 2019

The US housing market bust after 2006 drove a historic collapse in the employment share of young companies, according to research by Chicago Booth’s Steven J. Davis and University of Maryland’s John Haltiwanger. The share of private-sector workers employed by young companies (defined as less than 60 months old) dropped from 18 percent in 1987 to just 9 percent in 2014. It fell especially fast from 2006 to 2011.

Analysis and Commentary

Hidden Costs Of The Minimum Wage

by David R. Hendersonvia EconLog
Saturday, April 6, 2019

Jonathan Meer, an economics professor and first-rate economic researcher at Texas A&M University, shared with me an op/ed on the minimum wage that he wrote recently. It was rejected by a few publications, although I think, as you’ll see, the rejection had nothing to do with the quality of the piece. So he and I have agreed that I’ll run it here as a guest blog post.

Amazing Progress On Unemployment Claims

by David R. Henderson
Friday, April 5, 2019

An amazing statistic came out earlier this week, one that CNBC remarked on but still, in my view got too little attention. Here’s the report from CNBC: The number of Americans filing applications for unemployment benefits dropped to a more than 49-year low last week, pointing to sustained labor market strength despite slowing economic growth.

Analysis and Commentary

Are Career-Tech Students Preparing For Jobs That Actually Exist?

by Amber M. Northern, Michael J. Petrillivia Thomas B. Fordham Institute
Wednesday, April 3, 2019

Not long ago, the New York Times ran a revealing article titled “The Typical American Lives Only 18 Miles From Mom.” Based on a comprehensive survey of older Americans, the authors reported that, “Over the last few decades, Americans have become less mobile, and most adults—especially those with less education or lower incomes—do not venture far from their hometowns.” In fact, “the median distance Americans live from their mother is eighteen miles, and only 20 percent live more than a couple of hours’ drive from their parents.”

My Short Case Against Occupational Licensing

by David R. Hendersonvia EconLog
Wednesday, April 3, 2019

“Just because somebody packs up that moving van in Chicago, Illinois, they don’t lose their skills on the way to the state of Arizona. Why should somebody have to suffer the burden of thousands of dollars or weeks or months of recertification in a skill that they already have?” So said Doug Ducey, the Republican governor of Arizona, in making his case recently for relaxing Arizona’s licensing laws.

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Interviews

The American Dream Is Very Much Alive: Hoover Institution Senior Fellow Shelby Steele

interview with Shelby Steelevia Varney & Co (Fox Business)
Tuesday, April 2, 2019

Hoover Institution fellow Shelby Steele discusses the many opportunities available to everyone in America.

In the News

Manufacturing Returns To Growth

quoting Michael Spencevia ECNS.com
Tuesday, April 2, 2019

The Caixin/Markit Manufacturing Purchasing Managers Index showed that China entered expansion territory in March, indicating a notable improvement in the country's manufacturing sector. Economists said the rise showed policies to bolster growth have begun to pay off, and the world's second-largest economy is likely to achieve steady expansion this year. The PMI, released on Monday, recovered for the second consecutive month and stood at 50.8 in March, versus 49.9 in February.

Analysis and Commentary

The Federal Minimum Wage Increase Hurt Many Low-Skilled Workers

by David R. Hendersonvia EconLog
Friday, March 29, 2019

We find that increases in the minimum wage significantly reduced the employment of low-skilled workers. By the second year following the $7.25 minimum wage’s implementation, we estimate that targeted individuals’ employment rates had fallen by 6.6 percentage points (9%) more in bound states than in unbound states. The implied elasticity of our target group’s employment with respect to the minimum wage is −1, which is large within the context of the existing literature.

In the News

"Not Enough Focus On Joblessness," Raghuram Rajan Tells NDTV: Highlights

featuring Raghuram Rajanvia NDTV
Tuesday, March 26, 2019

Today even if you have a high-school degree you don't get a job. We have great jobs for people leaving premier institutions like IIMs, etc, but that is not the case for a majority of students leaving schools and colleges which are not of that level of repute.

BusinessFeatured

How Many Of California’s 1.5 Million Food-Service Jobs Will Be Lost To The Minimum Wage?

by Lee Ohanianvia California on Your Mind
Tuesday, March 26, 2019

In 2022, California’s minimum wage will rise to $15 per hour (by 2023 for businesses with fewer than 25 employees), including restaurant workers. As one California food wholesaler, who services a number of restaurants, told me, “Get ready for the $25 lunch burger at your favorite decent, non–fast food restaurant.” 

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The Working Group on Economic Policy brings together experts on economic and financial policy to study key developments in the U.S. and global economies, examine their interactions, and develop specific policy proposals.

Milton and Rose Friedman: An Uncommon Couple