The minimum wage, the earned income tax credit, and optimal subsidy policy

Article Abstract:

The earned income tax credit (EITC) program should be structured as a negative income tax to ensure that low-income people do not face high marginal tax rates. The minimum wage is unacceptable because of the tax it imposes on low-wage work. The EITC is better, but as currently implemented, the income phaseouts mean that low-income workers can at times face higher combined marginal tax rates than high-income workers. An income subsidy policy must ensure that marginal tax rates are negative and then low.

Economic aspects, Wages, Minimum wage, Income distribution, Earned income tax credit

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In memoriam Walter J. Blum

Article Abstract:

Walter J. Blum was a law professor at the University of Chicago for the whole of his faculty career and was well liked by students and other teachers. He had a zest for life that inspired others to strive harder and which made small outings into adventures. Though he spent all his life in Chicago, IL, he traveled widely with his wife, Natalie, and would recount the problems on his travels in epic form, entertaining those who listened. He was actively involved in the Law School and knew everyone.

Biography, Law teachers, Testimonial, Law school faculty, Blum, Walter J.

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The future of law and economics: looking forward

Article Abstract:

The future of the discipline of Law and Economics was the center of a roundtable discussion with foundational scholars Gary Becker, Ronald Coase, Merton Miller, and Richard Posner. The discipline's future after nearly seven decades is viewed as promising because there remains much research to be done as well as practical application of the results of that research. New frameworks for ideas can be provided as they were in the past.

Analysis, Posner, Richard A., Beliefs, opinions and attitudes, Panel Discussion, Law and economics, Law and economics (Jurisprudence), Coase, Ronald H., Becker, Gary S., Miller, Merton H.

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