Being Economically Stuck

While socio-economic status (SES) is typically defined as one’s relative economic and social position in the social structure, research often measures or manipulates SES with a focus on one’s financial placement in relation to others. Having more or fewer socioeconomic resources determines the number of choices an individual has in his or her life. Indeed, high SES people have more opportunities to positively shape their lives (e.g., education, network) while low SES people often lack such opportunities.

Grounds for Optimism on Democracy?: Agricultural Development and the Chances of Democratization

The relationship between capitalism and democracy has long been one of the most important areas of study in political science, economics and sociology. Today, many are pessimistic about the stability of democracy in rich countries and the chances for democratization in the developing world.

Tax Reform Principles for Arizona in a Post-Pandemic World

Good tax policy is important in normal times. It’s certainly even more important in the unusual times we live in today.

Businesses and workers are experiencing substantial hardship due to the pandemic and various  government mandates to temporarily cease operations. The economic recovery that will take shape as the pandemic begins to wane will be shaped by how state policymakers deal with new economic realities.

Economic Mobility, Materialistic Pursuit and Well-Being

Many people's desire to achieve economic success is often driven by their materialistic longings. This is consistent with a fact that the majority of Americans have a value system called materialism that emphasizes the importance of material possessions and acquisition in their lives. Although materialistic people tend to work harder and have higher incomes than nonmaterialistic people, empirical evidence shows that materialistic people experience lower well-being.

A Cosmetology Board Capture Index: Measuring the Influence of Self-Interest in Occupational Licensing

Occupational licensing policies are widely understood to suppress employment and entrepreneurial opportunities as well as raise prices to consumers. What has not been studied much is the mechanism by which occupational licensing restrictions are influenced by the boards created to enforce them. Those boards are often dominated by existing licensing holders and other active market players who have a direct self-interest in keeping the barriers to entry into the occupation high.

Two Bubbles and a Plague

The adage goes that history repeats itself. Today we are witnesses to a global pandemic that has caused a near asphyxiation of economic activity, killed many thousands and made financial markets highly volatile. This year is the ter-centenary of a somewhat similar scenario which may be categorised as two bubbles and a plague. The bubbles were those of the Mississippi System in France and the South Sea Bubble in Great Britain. The plague was that which devastated the population of Marseille and its surrounding areas in the second half of 1720.