Tag Archives: employment

Restoring Liberty To The States

Meltzer 3Dr. Allan H. Meltzer is an American Economist and the Allan H. Meltzer professor of Political Economy at Carnegie Mellon University’s Tepper School of Business. He is the author of a large number of academic papers and books on monetary policy and the Federal Resrve Bank. Dr. Meltzer’s two volume books, “A History of the Federal Reserve”, are considered the most comprehensive history of the central bank.   He is considered one of the world’s foremost experts on the development and application of monetary policy. Currently he is also President of the Mont Pelerin Society. Dr. Meltzer originated the aphorism “Capitalism without failure is like religion without sin. It doesn’t work.”

This is a monthly column written by Professor Meltzer for Defining Ideas of the Hoover Institution.

It is posted in   http://www.hoover.org/research/

Our Constitution is explicit about who makes laws. Article 1 says: “All legislative powers herein granted shall be vested in a Congress.” One might think that the clause could not be misinterpreted or ignored, but it has been. An overwhelming number of federal laws are now made by administrative agencies under the executive branch. Our Constitution provides a government of checks and balances to protect citizens against tyranny, but these agencies are not subject to those checks and balances and they run roughshod over our liberty.

They pass their own rules and enforce the rules they make. In the event of challenge, they adjudicate the matter and issue judgments. Complaints can be heard in the regular court system, but that is a slow process. An outrageous example was a decision that closed a major accounting firm—Arthur Andersen—in 2003. By the time, the courts decided that the administrative decision was wrong, the Arthur Andersen personnel had scattered and the offices had closed. That is one well-known example but there are many others.

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The New Era in Brief

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Dr. John Psarouthakis, Executive Editor, www.BusinessThinker.com

 

Our world continues to have an  expanding population, an economy that increasingly is integrated on a global scale, a world environment faced by a variety of threats and disparate cultural values. In order to live and work successfully in such a world, individuals, organizations, sectors, and nations must work together.

We have entered an era in which knowledge of dominant technologies and the people skilled in its use are the key elements of sustainable growth in the complex environment we live in:

  • It is an era of intense international competition.
  • Corporations are continually changing, merging, and dividing.
  • Employment is in flux.
  • Major immigration waves are in motion
  • Time scales are reduced.

In such times, we will succeed by our wits rather than by our power and natural resources.

Key dominant technologies in the 21st century era–things like:

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The Technological Revolution And Labor’s Share

Andy-HaldaneAndrew G Haldane, Chief Economist, Bank of England

In a speech to the Trade Union Congress in London, (November 15, 2015), Andy Haldane discusses how developments in technology are likely to affect labour’s share of national income in years to come – and the implications this may have for policymakers.

Andy notes that arguments about “technological unemployment” – the idea that technological advance puts people out of work and bears down on wages – have been raging for centuries. According to Andy, most evidence shows that over the broad sweep of history technological progress has not damaged jobs but rather boosted wages: “Technology has enriched labour, not immiserated it.”

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