Economy

Harvard economist Gregory Mankiw, writing in The New York Times, wants you to believe that a worker's acceptance of a job for no more than minimum wage and a person's acceptance of a pre-ACA, bare bones insurance policy reflect voluntary arrangements. Even a moment's consideration shows there is nothing genuinely voluntary about either of these arrangements.

From an apostolic exhortation by Pope Francis: Some people continue to defend trickle-down theories which assume that economic growth, encouraged by a free market, will inevitably succeed in bringing about greater justice and inclusiveness in the world. This opinion, which has never been confirmed by the facts, expresses a crude and naïve trust in the goodness of those wielding economic power and in the sacralized workings of the prevailing economic system. Meanwhile, the excluded are still waiting.

The psychological consequences of underemployment have been largely ignored. The research that does exist, however, is not encouraging. Underemployment is associated with increased incidence of depression, less job satisfaction, lower self-esteem, and can also result in deep-seated, persistent feelings of shame. Originally published 17 months ago; still timely reading.