. . . “it will confess.” I heard Ronald Coase say that many years ago at an American Enterprise Institute lecture in which he ridiculed all the econometric game playing that goes on in the economics profession. I was reminded of this while reading numerous articles on the Web about how the state’s increasing the amount of payment and length of payment for unemployment insurance has caused millions of workers to stay home because they can make more doing that than working. Even my local seafood restaurant had to close on Sundays and Mondays (in peak tourist season) because they simply can’t get enough kitchen help.
What I was reminded of, specifically, is how a former faculty colleague was congratulated by all the other economics faculty for publishing an econometric study that concluded that increasing the amount and length of unemployment insurance does NOT increase unemployment. Coase knew what he was talking about.
8:11 am on July 5, 2021 Email Thomas DiLorenzo
