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Ross Gittins’ column in Saturday’s Sydney Morning Herald was devoted to the topic of minimum wages. Among other things, he explained the ‘dynamic monopsony’ model of labour markets. These models are associated in particular with Alan Manning of the London School of Economics, who set out the theory at length in his 2003 book Monopsony in Motion: Imperfect Competition in Labor Markets.

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I’m currently taking another break from Twitter, so I thought I’d post some links on here to interesting things I’ve read recently:

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It’s compulsory that every big report on tax policy begins with more or less the same set of bland platitudes. Tax policy, we’re always told, should take into account a few foundational principles, like equity, efficiency, simplicity, and motherhood.

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The latest HILDA report is out! The HILDA survey is an extremely valuable resource – it asks a large sample of people a whole bunch of questions about income, family life, and other things, and tracks respondents over time. We learn things from HILDA that we can’t learn from any other Australian data source.

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Joe Hockey on welfare spending:

This year the Australian government will spend on average over $6,000 on welfare for every man, woman and child in the country. 

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Joe Hockey takes on his imagined opponents:

The truth is governments have never been able to achieve equality of outcomes. Some governments try but they always fail. Only in a closed economy, based on old style socialism, can a government hope to deliver uniform equality of outcomes.

We have moved on.

As a result, Government can only hope to provide equality of opportunity. 

Does he really think his political opponents aspire to complete “equality of outcomes”? Or does he just think that his audience will buy this false dichotomy? Is he correct, do people on the centre-right really think those on the centre-left want complete equality of outcomes?

The government announced in its recent budget that pensions (including the Disability Support Pension and Age Pension) will no longer be pegged to wages. Instead, they’ll only rise in line with the CPI.

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The other day I tweeted this:

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