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Economics and Global Capitalism: Comments
Article 1
I do not like the fact that employers ask an employee about past compensation: many workers are not happy with their current pay and seek out new jobs because they feel they deserve more compensation. When an employer assumes that whatever the employee earned at the last job should be satisfactory, the employer ignores the fact that wages have been stagnant for years, prices of virtually everything have gone up (from food to education to health care to homes to stocks), and that the value of the dollar has diminished. Employers should be more concerned about putting people before profits. The analysis of the article Scheiber (2018) essentially points out that employers have a responsibility to keep payroll low and also to pay fairly. If this is true, employers are in a lose-lose situation. Fair wages would mean increased wages, and increased wages would mean a higher payroll (assuming all positions are filled).
The article by Scheiber (2018) focuses mainly on the ways in which a law banning employers from asking about past compensation could be good and bad, but it views the topic through the lens of the gender wage gap. For me, this issue is not really that important because the gender wage gap is first of all a myth and is based on a misconception of statistics about hours and type of work done by men and women. The big issue with employers...…is being reported. Additionally, stocks took off (they went up) once Trump signed the tariffs last Fridaymainly because the market was relieved that the tariffs were so weak. The bigger indicator of why the global economy is in danger is not a trade war but rather the currency war that is going on, the insane credit bubbles that have been blown by the central banks of the world, from the Fed to the BOJ to the ECB to the PBOC, and then the endless chatter about Russian meddling, which Russia is very clearly taking seriously as it prepares its new hypersonic nuclear missiles in response. These are the more alarming indicators of things to come. Trumps supposed foray into trade wars is the mere tip…
References
Scheiber, N. (2018). If a law bars asking your past salary, does it help or hurt?
Retrieved from https://www.nytimes.com/2018/02/16/business/economy/salary-history-laws.html?rref=collection%2Fsectioncollection%2Fbusiness-economy&action=click&contentCollection=economy%C2%AEion=stream&module=stream_unit&version=latest&contentPlacement=2&pgtype=sectionfront
Swanson, A. (2018). Trump to impose sweeping steel and aluminum tariffs. Retrieved from https://www.nytimes.com/2018/03/01/business/trump-tariffs.html
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