Word: wage
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...large and very real. Of course, the adjustment costs associated with getting these gains are coming from firms closing, from workers having to get new jobs. Historically, these adjustment costs have tended to be discounted. We can no longer afford to ignore them. We must address them explicitly. Rising wage disparities tell us something about where policies should be directed...
...innovation, you need educated, experienced, motivated workers. So, are we cranking out these kinds of workers in the U.S.? Income inequality across skills--the earnings of a college graduate relative to a high school graduate--is widening. The really highly skilled group, they've had pretty good real wage growth in the last three or four years. It's everyone else that's had virtually no real wage growth...
BAUMOL: Trade policy is not the way to deal with unemployment. But you are right, the bargaining power of U.S. workers and the U.S. worker's wage is very heavily affected by globalization. Paul Samuelson has just written on the subject. He said if you believe this doesn't affect American wages, you also believe in the tooth fairy...
MANN: There are two sets of issues with respect to labor- market adjustment. One has to do with people who have lost their job in an area where there's no replacement. That has to be addressed through wage insurance, through unemployment insurance, through the portability of health care and pensions. So if you lose your job, you don't lose everything else with it. But there is a different problem: firms do not have an incentive to, say, take people who are programmers and train them to be systems-integration network engineers. We ought to have some kind...
...between Egypt and Israel was the issue over which Egyptian Islamic Jihad announced itself to the world, through the 1981 assassination of President Anwar Sadat. A combination of harsh repression and a conscious decision to "export" the problem by shipping off radical Islamists by the planeload to Afghanistan to wage jihad against the Soviets blunted much of Islamic Jihad's impact inside Egypt, although both Jihad and the Gama'a took up a more bloody domestic campaign in the 1990s was eventually crushed by Mubarak's secret police, leaving the radicals mostly either in prison or dispersed. But the Egyptians...