The problem lies in how the U.S. Bureau of Labor Statistics calculates the cost of living.
These three virtues in the fiscal cliff are highly positive and will only increase the pool of available risk-taking capital in the economy, thereby increasing the capital-to-labor ratio and improving the national standard of living.
He also wants to index it to the Consumer Price Index which means automatic adjustments to the cost-of-living (but not to labor conditions), ensuring that inflation cannot take the pressure off or undermine, depending on your ideology the minimum wage level.
Then, using data from the Bureau of Labor Statistics and FindTheData.org, we identified areas where the cost of living is no higher than the national average, and often a good deal less.
Even on a level playing field, the relatively high cost of living in a prosperous America, combined with our regulatory and labor laws, will continue to limit the ability of domestic businesses to compete with those of many countries.
The dangerous confusion is, as so often in well-meaning economic rule-making, one of mistaking an ideal-utopian labor world (where even unskilled workers make a decent living from the get-go) with the world as it is: one where the value-creation of labor, not utopian ideals, sets the price.
Too much easy charity, too few markets and no respect for labor or property leaves Haitians with the lowest living standard in the New World.
He not only figured out how expanding trade allows the division of labor, thereby creating wealth and raising living standards, he also realized how hard it is to get people to believe they're better off than their ancestors.
Blinded by macro statistics that cover irrelevant government measures such as the mythical "trade deficit, " Bernanke is calling for government oversight of alleged "imbalances" that, if implemented, would lower our standard of living and force us to pursue labor out of necessity rather than the pursuit of work at which we excel.
FORBES: The Fed chairman has no idea what he's talking about.
Generally, we sought communities with a cost of living below the national average, as calculated by the U.S. Bureau of Labor Statistics or other sources.
But the labor of a creating a person, particularly one who is moral and capable of living a meaningful life as Nozick requires, goes further.
FORBES: Women Don't Like Libertarianism Because They Don't Like Libertarianism
The U.S. and world economies urgently need stronger growth, and the adoption of pro-growth economic policies would strengthen incentives to invest in capital and labor over the horizon, paving the way for robust job-creation and higher living standards.
Free trade raises our standard of living, not by adding jobs, but by increasing what Adam Smith called the division and specialization of labor, making jobs more productive.
Most of the labor force is made up of recently released convicts looking for a trade and a chance to earn a living.
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