There is a wage that makes the firm indifferent between hiring this worker and waiting for the next available worker. The bargaining problem is to agree on a wage between these two limits.”

Terrific Peter Diamond passage emphasising the importance of bargaining power in the workplace.
'having come together, the firm and worker have a joint surplus... there is a wage that makes the worker indifferent between taking this job and waiting for his next job opportunity...

Sydney launch for Ben Spies-Butcher's new book 'Politics, Inequality And The Australian Welfare State After Liberalisation'! ppesydney.net/book-launch-be…

An amusing historical quirk here is that at the time of Road to Serfdom's publication, there was a relatively well known book by Bertrand Russell called 'Roads to Freedom', and some contemporaries (incorrectly) assumed Hayek 's book was a pun off this title. Feels full circle.

You know Marxism is a degenerating and not progressive research agenda because nobody has invented Behavioral Marxism yet, which combined the insights of Marx with those of Behavioral Econ to nudge our way into the worker's revolution

It is amusing in retrospect he includes Housing with food in terms of ease of access, different times.

This relates to something I've noticed, which is that, in general, people are much more sympathetic to the supply effects of high prices than their demand effect, reallocating based on willingness to pay. For the latter, people worry this will simply reflect ability to pay. 2/2

A great passage from Tobin's classic 'On Limiting the Domain of Inequality', discussing when societies may wish allocate specific 'goods' via non-price mechanisms. He argues that supply elasticity is key, when it is relatively fixed, specific egalitarianism is more justified 1/2

Nice illustration but they can't compete with Routledge's mastery of book covers. If there's one image that summarizes Schumpeter's Capitalism, Socialism and Democracy, it's 4 differently coloured ice blocks.