I posted about my student’s paper on non-employment margins of adjustment before I’d seen Jeffrey Clemens’ paper on the same topic. In the context of the minimum wage, Clemens’ paper invites us to re-capture the “old learning” when process and property rights thinking formed the core of economists’ approach to understanding markets.
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Add Yours →[…] at CSOC, we love discussing non-price adjustments that get short shrift in a world focused so exclusively on […]
[…] will address issues of interest to us here at CSOC. Lecture two will discuss non-price margins of adjustment under rent control and lecture six will assess the ability of producers to offer credible […]
[…] Lecture 3: My favorite talk. When politicians believe that all supply and demand curves are perfectly inelastic, they’re demonstrating that they don’t believe in “margins of adjustment.” […]