Word: textbooks
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Dates: during 1990-1999
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...have given some economists reason to switch sides in the wage debate. "The negative effects are not significant at the level at which the minimum wage is being raised," contends Joseph Stiglitz, chairman of the President's Council of Economic Advisers, who argued against the minimum wage in a textbook he wrote in 1993. Last October about 100 other economists who share his view, including three Nobel laureates, announced their support for President Clinton's plan to raise the wage 90'--from $4.25 to $5.15--over 15 months...
...measure, which had been expected to pass, was sent back to committee.) Similarly, the school board of Hall County, Georgia, just outside Atlanta, ruled last month that teachers must put forward a variety of theories on the origin of life, not just evolution. Beginning next fall, all biology textbooks in Alabama must have a disclaimer inserted stating that evolution is a "controversial theory" accepted by "some scientists." And school boards in Washington State and Ohio are considering adopting a textbook titled Of Pandas and People, which contains something that would make an evolutionist squirm on virtually every page...
...will graduate into will be one characterized by ever-increasing income inequality and a drop in standards of living. And yet, while studying just a few days ago, a ray of hope shone forth to me from an unlikely source: the otherwise tinder-dry pages of my Ec 10 textbook...
...textbook had the answer: While increased productivity may produce short-term joblessness, there is no evidence that rising productivity leads to increased long-term unemployment. As an economy progresses technologically, it creates new industries, new consumer goods and new services which absorb the jobs lost to more efficient, older industries. America's productivity has grown twelve-fold in the past century, but our employment rate is certainly not one-twelfth of what it used...
...occurred to me then that the massive downsizing and unemployment we are experiencing looks very much like what the textbook described as the short-term effects of a healthy long-term growth in productivity, real wages and standard of living. I rushed to the library to reread The New York Times, in the hope of finding some indication that my line of thought had been considered by some optimistic pundit. Alas, I found nothing but gloom and doom in the articles themselves. But in a sidebar that featured the opinions of various experts in business and economics, I found...