In this blog post, we will examine Adam Smith's view and understanding of the visible hand in relation to the invisible hand and negative externalities.
Since its inception due to the passage of the Fair Labor Standards Act of 1938, the minimum wage has been a highly debated topic. Originally set at 25 cents, the minimum wage has grown much larger over time. The Federal minimum wage currently stands at $7.25, unchanged since 2009 (DOL, 2019). Many states, however, have decided to set their own minimum wages, and some are much higher than the minimum Federal level. In this study, we attempt to determine the effect that minimum wage laws at the state and Federal level have had on poverty in the United States.
Over the course of many years, U.S. citizens have sat idly by and watched as the US government tries to spend its way out of an increasing portion of our nation’s problems. As our spending increases along with our national debt, we will eventually have to bring ourselves to ask the same two questions that we all ask ourselves when we find we’ve made a mistake: What went wrong and how do we fix it?
Many Americans know of the Federalist papers, a collection of essays written by Alexander Hamilton, James Madison, and John Jay that argued for the ratification of the Constitution. But fewer know of the Anti-Federalist papers, a separate collection of essays that argued against certain provisions in the Constitution, or that there even existed opposition to the Constitution being ratified at all.