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Posted By Don Boudreaux On January 8, 2013 @ 9:18 am In Civil Society,Debt and Deficits,Great Depression,Growth,History,Immigration,Man of System,Myths and Fallacies,State of Macro,Stimulus,Taxes,Trade | Comments Disabled
In this superb essay , Bob Murphy explains that
Contrary to Krugman’s and other Keynesians’ characterization, there are many historical examples of “expansionary austerity” apparently working.
In my latest column in the Pittsburgh Tribune-Review , I compute the amount of time that an ordinary American worker today must toil to buy nine ordinary household appliances (such as an automatic clothes washer and a 30″ electric range/oven combo). I then compare this amount of time to that which was required of an ordinary worker in 1956 – and, then, an ordinary worker in 1975 – to buy the same bundle of appliances. Here’s my conclusion:
An ordinary American worker today, to buy the same bundle of items from Sears.com  , needs to work a mere 105 hours — just about two and a half weeks. That‘s nearly a month less work time than was required in 1975, nearly nine weeks less than was required in 1956.
Ed Lazear concludes his Wall Street Journal op-ed  with this paragraph:
But China’s choice of exchange rate policy is not the source of China’s export growth. Disappointing job and wage growth in the U.S. has much more to do with our economic policy than with the value of China’s currency.
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URLs in this post:
 Liberty Fund’s David Hart has assembled twelve messages of peace: http://oll.libertyfund.org/index.php?option=com_content&task=view&id=1659&Itemid=366
 The father of the New Deal was Herbert Hoover. Steve Horwitz explains: http://www.econlib.org/library/Enc/HooversEconomicPolicies.html
 this superb essay: http://www.econlib.org/library/Columns/y2013/Murphytaxrates.html
 my latest column in the Pittsburgh Tribune-Review: http://triblive.com/opinion/donaldboudreaux/3232206-74/americans-class-middle#axzz2HOJvM9cY
 Sears.com: http://Sears.com/
 Steve Landsburg doesn’t see in the recent fiscal-cliff deal any silver lining of the sort that David Henderson sees: http://www.thebigquestions.com/2013/01/07/i-dont-get-it/
 Arnold Kling uses his three-axis model to discuss attitudes toward immigration policy: http://www.arnoldkling.com/blog/the-three-axes-and-immigration/
 his Wall Street Journal op-ed: http://professional.wsj.com/article/SB10001424127887323320404578213203581231448.html?mod=WSJ_Opinion_LEADTop&mg=reno64-wsj
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