▽EclectEcon ●09/20 20:25 EclectEcon September 15, 2024No wonder the labour force participation rate has fallen over the past 50 yearsFrom Arnold Kling's substack,Jodey Arrington and Phil Gramm write,Since funding for the War on Poverty ramped up in 1967, welfare payments received by the average work-age household in the bottom quintile of income recipients has risen from $7,352 in inflation-adjusted 2022 dollars to $64,700 in 20
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▽Grasping Reality with Both Hands: The Semi-Daily Journal of Economist Brad DeLong ●07/26 18:14 Brad DeLong BRIEFLY NOTED: For 2021-05-11 TuThings that went whizzing by that I want to remember...First:Here we see a striking difference between Paul Krugman and Larry Summers. Krugman sees models as intuition pumps—and believes strongly, very strongly, that if you cannot make a simple model of it, it is probably wrong. Summers believes that our models are, at best, filing systems (and at worst tools for