With a new afterword by the author, this classic analysis of Western liberal capitalist society contends that capitalism—and the culture it creates—harbors the seeds of…
AMAZON.COM
Money Changes Everything:
|

In this model, job seeking is intensified by meager state support for the unemployed, and low unionization allows wages to adjust to market conditions. In Europe, institutions introduce inefficiency: large welfare states and strong unions stifle labor demand and reduce work incentives.Western and Beckett had a different hypothesis. The U.S. had actually engaged in a “sizeable, nonmarket reallocation of labor” in the 1980s and 1990s, they wrote -- by throwing huge numbers of men into prison.
Our central argument is that U.S. incarceration lowers conventional measures of unemployment in the short run by concealing joblessness among able-bodied, working-age men, but it raises unemployment in the long run by damaging the job prospects of ex-convicts after release.Subsequent labor market developments appear to have borne this out. The U.S. unemployment rate, at 5 percent in September, still looks good -- it’s a little higher than Germany’s, if you go by the harmonized rates that adjust for differences in national unemployment definitions, and a lot lower than France’s. But as has been discussed at great length this election season, this number fails to reflect the fact that millions of Americans have stopped looking for jobs, and thus aren’t counted as unemployed. The U.S. labor force participation rate, among the world’s highest in the 1990s, now lags that of many other wealthy countries.
Recent talk at Duke by NYU philosopher Jonathan Haidt. He argues that, at this point, left-wing ideology in universities has become so threatening to their core... mission of truth-seeking, that each individual university must consciously choose: will it be an institution that seeks truth, or will it neglect that mission in favor of trying to change the world according to ideology.