United kingdom Quote by Don Watkins

“With industrial capacity destroyed in Europe—except for Scandinavia—and in Japan and crippled in the United Kingdom, the United States produced approximately 60 percent of the world output of manufactures in 1950, and its GNP was 61 percent of the total of the present (1979) OECD [Organisation for…” quote by Don Watkins — Download Open image

““With industrial capacity destroyed in Europe—except for Scandinavia—and in Japan and crippled in the United Kingdom, the United States produced approximately 60 percent of the world output of manufactures in 1950, and its GNP was 61 percent of the total of the present (1979) OECD [Organisation for Economic Co-operation and Development] countries. This was obviously a transitory situation.””

Don Watkins

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United kingdom

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“One result of the federal government’s student financial aid programs is higher tuition costs at our nation’s colleges and universities.” Although paradoxical, this result could have been predicted from basic economic theory: when students can come up with more money for college, thanks to the government’s efforts, colleges can afford to increase their tuition. “The empirical evidence is consistent with…

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“A college student who wouldn’t have taken a McDonald’s job for $7.25 an hour may find it worthwhile at $10 an hour, leaving fewer…

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“That’s what happened at Ford, for example. In 1914, Henry Ford famously raised his starting wage to $5 a day (nearly $120 in today’s dollars). He had to: turnover at Ford in 1913 had been 370 percent.37 In order to find and keep the workers who were assembling his increasingly profitable cars, Ford had to be willing to outbid his…

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“Some economic inequality critics go further and contend that there comes a point at which inequality undermines progress—and, by and large, they believe the United States has reached that point today. What do they base that conclusion on? There is no theoretical reason why differences in income or wealth should slow human progress. The notion that “spending drives the economy”…

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“Today, more and more of the world is following our lead, with the result that billions around the globe have been liberated from poverty in recent decades: since 1981, the fraction of the earth’s population living on less than a dollar a day has dropped from over 40 percent to only 14 percent.23 This is an incredible achievement. Yet most…

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“When inequality alarmists like Krugman hold up the post-war era as a model, they are not doing so in the name of prosperity, or…

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“We’re taught to think of the minimum wage as a mechanism for helping people earn more. What it actually does is prevent people from…

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