Politics & Current Affairs — July 26, 2010

Extending Unemployment Compensation

Nobel Laureate Gary Becker and Judge Richard Posner oppose the extension of unemployment benefits. Six months compensation is not enough, says Becker, but two years is too long.

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Nobel Laureate Gary Becker and Judge Richard Posner oppose the extension of unemployment benefits. Six months compensation is not enough, says Becker, but two years is too long. “About 9 months of unemployment compensation would be the right length. Anyone unemployed longer than that would lose these benefits. If they want to work they should be forced to adjust, at least temporarily, to the bad economic environment, and accept jobs that they would turn down during good economic times.”

A weekly newsletter featuring the biggest ideas from the smartest people

Surprising Science

Rational or Misrational? Logically Pursuing Mad Goals

The word “rational” is widely misapplied. Nobel laureates Kahneman and Becker use it very differently (they’re on opposite sides of a breach with our nature). They illustrate why economists can benefit from a paraphrasing of Shakespeare… though this has method, yet there is madness in it.

Politics & Current Affairs

What to Do About the Growing Class Divide

A new book, Coming Apart by Charles Murphy, cites statistics that suggest the class divide in America is growing. But why? And what to do about it? Gary Becker and Richard Posner weigh in.

Technology & Innovation

Is Capitalism in Crisis?

As we enter year five of the global economic recession, is it fair to say that capitalism is in crisis? What, if any, are the alternatives? A Nobel laureate and a federal judge weigh in.

Politics & Current Affairs

How to Fight Against Cyber Attacks

Nobel Laureate Gary Becker and Appeals Court Judge Richard Posner weigh in on the international threat of cyber attacks. They say new international laws are necessary.

Technology & Innovation

Unemployment in America

Many in China and elsewhere believe the U.S. economy is too sick to be cured. Nobel Laureate Gary Becker disagrees but says recovery requires some unpalatable medicine.

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