A distinctive feature of Card and Krueger's research is the use of empirical methods borrowed from the natural sciences, including comparisons between the "treatment" and "control" groups formed when the minimum wage rises for some workers but not for others. In addition, the authors critically reexamine the previous literature on the minimum wage and find that it, too, lacks support for the claim that a higher minimum wage cuts jobs. Finally, the effects of the minimum wage on family earnings, poverty outcomes, and the stock market valuation of low-wage employers are documented. Overall, this book calls into question the standard model of the labor market that has dominated economists' thinking on the minimum wage. In addition, it will shift the terms of the debate on the minimum wage in Washington and in state legislatures throughout the country.
With a new preface discussing new data, Myth and Measurement continues to shift the terms of the debate on the minimum wage.
This book offers a new interpretation of the Employment Act of 1946. It argues that in addition to Keynesian economics, the idea of a living wage was also part of the background leading up to the Employment Act. The Act mandated that the president prepare an Economic Report on the state of the economy and how to improve it, and the idea of a living wage was an essential issue in those Economic Reports for over two decades. The author argues that macroeconomic policy in the USA consisted of a dual approach of using a living wage to increase consumption with higher wages, and fiscal policy to create jobs and higher levels of consumption, therefore forming a hybrid system of redistributive economics. An important read for scholars of economic history, this book explores Roosevelt’s role in the debates over the Employment Act in the 1940s, and underlines how Truman’s Fair Deal, Kennedy’s New Frontier and Johnson’s Great Society all had the ultimate goal of a living wage, despite their variations of its definition and name.
It also shows how Singapore has been successful in establishing a world class labour market. One attribute of such a labour market is the high purchasing power of wages for the average worker for essentials such as housing, healthcare, quality education for children and retirement consumption, which motivates Singaporeans to work hard. The second attribute is a macro-focused labour union that works closely with the government, and is able to prevent excessive wage increase.
It does so by introducing a system of National Time Accounting (NTA), which relies on individuals’ own evaluations of their emotional experiences during various uses of time, a distinct departure from subjective measures such as life satisfaction and objective measures such as the Gross Domestic Product. A distinguished group of contributors here summarize the NTA method, provide illustrative findings about well-being based on NTA, and subject the approach to a rigorous conceptual and methodological critique that advances the field. As subjective well-being is topical in economics, psychology, and other social sciences, this book should have cross-disciplinary appeal.
If we are to correctly assess the root causes of terrorism and successfully address the threat, we must think more like economists do. Alan Krueger’s What Makes a Terrorist, explains why our tactics in the fight against terrorism must be based on more than anecdote, intuition, and speculation.
Many popular ideas about terrorists are fueled by falsehoods, misinformation, and fearmongering. Many believe that poverty and lack of education breed terrorism, despite a wealth of evidence showing that most terrorists come from middle-class and often college-educated backgrounds. Krueger closely examines the factors that motivate individuals to participate in terrorism, drawing inferences from terrorists’ own backgrounds and the economic, social, religious, and political environments in the societies from which they come. He describes which countries are the most likely breeding grounds for terrorists, and which ones are most likely to be their targets. Krueger addresses the economic and psychological consequences of terrorism and puts the threat squarely into perspective, revealing how our nation’s sizable economy is diverse and resilient enough to withstand the comparatively limited effects of most terrorist strikes. He also calls on the media to be more responsible in reporting on terrorism.
Bringing needed clarity to one of the greatest challenges of our generation, this 10th anniversary edition of What Makes a Terrorist features a new introduction by the author that discusses the lessons learned in the past decade from the rise of ISIS and events like the 2016 Pulse nightclub attack in Orlando, Florida.