Ten Great Economic Myths
2023-09-09
Our country is beset by a large number of economic myths that distort public thinking on important problems and lead us to accept unsound and dangerous government policies. Here are ten of the most dangerous of these myths and an analysis of what is wrong with them.
Myth #1
Deficits are the cause of inflation; deficits have nothing to do with inflation.
In recent decades we always have had federal deficits. The invariable response of the party out of power, whichever it may be, is to denounce those deficits as being the cause of our chronic inflation. And the invariable response of whatever party is in power has been to claim that deficits have nothing to do with inflation. Both opposing statements are myths.
Deficits mean that the federal government is spending more than it is taking in
Why the “Just Wage” Theory Doesn’t Make Much Sense
2023-09-01
The concept of the "fair wage" or the "just wage" is centuries old. It dates back at least to the Middle Ages and was founded on the idea that "just" prices of goods must be sufficient to provide "a reasonable wage to maintain the craftsman or merchant in his appropriate station of life."
In its modern form, the idea of the just wage is often known as a "living wage." But whatever its form, the notion comes down to the idea that an employer must pay his workers a wage that will be sufficient to fully cover the cost of a "decent standard of life."
As one might guess—given the idea’s popularity in the Middle Ages—this idea has also long influenced Christian moral theology. Many Christian groups—most notably many Catholic theologians—have insisted employers are morally obligated to pay a
Is China Colonizing Jamaica?
2023-08-29
The Chinese have been in Jamaica since the nineteenth century. After emancipation, planters felt that newly freed blacks would be unwilling to toil on plantations, and the exodus of ex-slaves from plantations confirmed their suspicions. So to fill labor gaps, planters resorted to importing workers. Therefore, a formal indentureship scheme was introduced to lure workers from Asia and Africa.
The Chinese entered Jamaican society in 1854 as lowly laborers. Although indentured laborers were not enslaved, working conditions were deplorable and wages were subpar. Many laborers regretted venturing to Jamaica after feeling the lash of exploitation. Language barriers also worsened problems by amplifying feelings of alienation.
Natives considered the Chinese to be weird people with odd beliefs. They