Maryland and Virginia

First published in the Washington Herald TelegraphJobs and the Plight of the Maryland and Virginia GovernorsBoth of the incumbent governors in Virginia, and Maryland have staked their political plans and reputation on creating more jobs. In Virginia, Governor Robert McConnell has pledged to make jobs his top priority while in Maryland Governor Martin O’Malley is defending his record and priorities on jobs. Given the well published need for jobs their promises are easy to understand, but let’s weigh the prospects for success.Virginia reached its...

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Value and Work

Sometimes I hear people say something like “The wealthy worked hard for that money, and free markets determined what they do is of such high value.” Such statements raise a question for economists. Can value be measured to show that wages reflect individual productive value? It is an old question that goes back into the 19th century when British and European philosophers and economists applied science reasoning to the craft industries of the day: wheelwrights, blacksmiths, shoemakers and so on. These economic philosophers suggested that if a shoemaker...

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