People in minimum wage jobs today are doing much worse, relative to the well-off, than they were 50 years ago. Recently, one of our readers wrote in to ask us to explain why minimum wage rates have been allowed to stagnate. Steven Hail delves deeper and shares a few reasons why…
The last thing anyone would have expected in 1970 is for the lowest paid workers in the US, UK and Australia to have their relative positions deteriorate over the next fifty years. Yet, this is exactly what has happened. In an economy which has for many years been productive enough to end absolute poverty for good, millions of people have been left in financial hardship, for reasons rooted not in economics, but ideology.
Economist Dr Steven Hail on how Japan has managed to avoid another financial crisis without creating a major private debt problem, while America and Australia… have not.
By their own metrics, classical economists have failed to deliver on the promises they made back in the 1970s and 80s. Economist Dr Steven Hail has the charts to prove it.
There will be no true economic recovery – or growth – until world leaders stop confusing government finances with that of a household budget, writes economist, Dr Steven Hail.
The economist Hyman Minsky told us that stability is destabilizing so how do we build an anti-fragile financial system that serves the real economy?