Education Quality Has Less to Do with Adult Outcomes Than You Might Think

A new paper assesses the contributions of education and labor markets to differences across regional labor markets in the United States and finds that differences in access to high-quality elementary and secondary schools are not a key channel driving the strength of the association between parents’ incomes and their children’s incomes when they reach adulthood.  

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Marx and Modern Microeconomics

Few economists doubt that Marx flunked economics, a judgement mostly based on his labor theory of value. But this column argues that Marx’s representation of the power relationship between capital and labor in the firm is an essential insight for understanding and improving modern capitalism. Indeed, this insight is incorporated into standard principal–agent models of labor and credit markets.  

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Baldwin on Globalization: “A Lot of the Narrative Is Based on the US as If It Were the Whole World”

Richard Baldwin, professor of international trade at the Graduate Institute of Geneva and editor-in-chief of VoxEU.org, talks to ProMarket about the convergence between the G7 and emerging countries, the United States’ failure to build a social contract to mediate the changes of globalization, and his confidence that—rumors of trade war notwithstanding—the international trade regime is actually quite resilient.  

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To Help Workers Adjust to Technological Change, First Pinpoint Where It Is Happening

Changes in technology clearly affect people in different sectors and occupations differently, but providing adequate policy support to workers trying to adjust to these changes requires a better understanding of the level at which productivity growth is happening in the economy. Here, the researchers find that, in the United States, the vast majority of that growth has happened at the occupational and sector-occupational level.  

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How Denmark Got to Denmark: The Role of Landed Elites in Development

For most people the idea of landed elites conjures up images of aristocrats sipping tea while enjoying the proceeds of the labors of the peasants on their land. New research on Denmark suggests, however, a quite different story—one in which these elites in fact played a crucial role for development, and ultimately enabled the empowerment of the peasant class through agricultural cooperation.  

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