A simple mathematical mistake may explain why many people underestimate the dangers of coronavirus, shunning social distancing, masks, and hand-washing.
Many people consistently underestimate how fast the value increases – a mistake known as the “exponential growth bias” – and while it may seem abstract, it may have had profound consequences for people’s behavior this year.
A spate of studies has shown that people who are susceptible to the exponential growth bias are less concerned about Covid-19’s spread, and less likely to endorse measures like social distancing, hand washing, or mask-wearing. In other words, this simple mathematical error could be costing lives – meaning that the correction of the bias should be a priority as we attempt to flatten curves and avoid second waves of the pandemic around the world.
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In order to understand why California’s new Assembly Bill 5, (AB 5) is lousy you have to decipher who wins and who loses in the gig economy. If the losers are politically connected, it is logical that the losers will try to change the rules.
This is the downside of most government interventions. The goals of the “do-gooders” are overwhelmed by the special interests. Laws should be simple and have as little interference in the personal lives as possible.
The gig economy has provided opportunities for millions of Americans to make money. That’s not the same as having a “job” but that’s the point. Many gig workers have other jobs and many of the ones who don’t are in school or want to work part-time to make a little extra cash. Obviously, some of these people would like to have a different job which they can freely look for while doing gig work without any repercussions from an “employer” looking for loyalty or firm work hours.
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The response to the high wages demanded in low skill position was obvious.
Miso can offer Flippys (a robot for making food) to fast-food restaurant owners for an estimated $2,000 per month on a subscription basis, breaking down to about $3 per hour. (The actual cost will depend on customers’ specific needs). A human doing the same job costs $4,000 to $10,000 or more a month, depending on a restaurant’s hours and the local minimum wage. And robots never call in sick.
Sorry teenager trying to earn a few bucks to go to college, restaurants don’t need to hire you at the high wage that over-eager do-gooders are demanding.
The Congressional Budget Office analyzed the impact of lifting the $7.25 federal minimum wage to $15 by 2025. The House is expected to vote next week on a bill to lift the federal minimum.
Raising the federal minimum wage to $15 an hour by 2025 would increase the pay of at least 17 million people and lift 1.3 million Americans out of poverty, but also put 1.3 million (and up to 3.7 million) Americans out of work, according to a study by the Congressional Budget Office.
The CBO predicted much bigger job losses than House Democrats, who have pushed for the $15 minimum wage, expected.
So let me get this straight, the higher minimum wage was expected to lift 1.3M Americans out of poverty but plunge 1.3M (and up to 3.7M) Americans into poverty. Wow! Maybe we should just keep the federal government out of our lives and tell them to keep arguing between themselves while we live our lives in peace and raise our children.
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The world signed on to a really bad agreement in Paris and the US mistakenly agreed to part of the charade so that the politicians could feel better.
I am not a Trump supporter, but it was wise for him to reverse the foolish commitment made by Mr. Obama.
The Paris Climate Fraud
Thanks President Donald J. Trump for withdrawing from the Paris Climate Agreement! City Journal's Oren Cass explains that it's even worse than I thought:
Posted by John Stossel on Wednesday, June 26, 2019