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« Transition Analysis | Main | Austrian Economics Seminar at FEE »


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It's sad that those in favor of minimum wage don't realize that this policy increases unemployment (especially among the poor) thus hurting many of the people it was meant to help. If they really want to efficiently help the poor at the expence of the rich, they would favor direct redistribution rather than hopelessly indirect policies such as minimum wage.

Let me register a dissent here. The fault lies not with their schooling but the system of rewards in economics.

I agree that it is likely that the economics profession overvalues technical virtuosity. However, I feel there is almost no such thing as excess virtuosity in training. The French elite schooling system does an excellent job of screening the best and brightest. The elites are bastions of excellence in a world of politically correct intellectual egalitarianism and Ivy League social engineering.

It is the flaw of modern economics that merely technical work is so heavily rewarded. Change the social status incentives and those same technicians will adjust the focus of their research. But there is no need to condemn a system that serves its limited function of certifying those who are able to complete a rigorous course of studies based around math and science.

I am agnostic on the strengths/weaknesses of Piketty/Saez's specific work.

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