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"The problem with socialism is you eventually run out of other people's money" - Margaret Thatcher "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design" - F.A. Hayek
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About Me
- Randall Parker
- I am a Professor of Economics at East Carolina University in Greenville, NC. My research focuses on macroeconomics and economic history in general and the economics of the Great Depression in particular. I have authored two books, Reflections on the Great Depression and The Economics of the Great Depression: A Twenty-First Century Look Back at the Economics of the Interwar Era and edited The Seminal Works of the Great Depression. I am currently working on my fourth book Interwar Historical Antecedents of Modern Inflation Targeting and I am the co-editor (with Robert Whaples) of The Handbook of Major Events in Economic History and The Handbook of Modern Economic History. I have also traveled the country giving speeches on the state of the macroeconomy and other economic issues to many trade and business associations. When I am not thinking about the economy I am either chasing ducks, handicapping horses or arranging a fine dining experience. Lastly, the opinions expressed on this blog are mine alone and do not reflect upon East Carolina University in any way or manner, in whole or in part, now and forever more under the canopy of heaven.
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3 comments:
Isn't there still an incentive to work if the implicit marginal tax rate will only be around 20%? Wouldn't the implict marginal tax rate have to come to about 90% to 100% to disincentivize against extra hours worked vis-à-vis a net gain in income?
^ ^ ^
Seriously, Dr. Parker. What's the problem?
If the objective is to forever create an underclass that is dependent on the government for its survival and the dynamics are such that extricating one's self from such a fettered and festering sewer is economically irrational then there is no problem whatsoever. Friedman had this figured out way back in the early 1960s in Capitalism and Freedom.
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