He argued that the minimum wage is ineffective in combating poverty because it affects different professions differently due to the variance in optimum wage for employers.
While working for NBER, this economist created the first measure of Total Factor Productivity, publishing it in Trends in Output and Employment. This economist wrote the first article on what is now called frictional unemployment, giving rise to the subfield of search theory, which focuses on the process of hunting for bargains or for work. He argued that the minimum wage is ineffective in combating poverty because it affects different professions differently due to the variance in optimum wage for employers. In his paper "The Economics of Regulation," he argued that regulatory agencies end up inadvertently furthering special interests in a phenomenon that he called regulatory capture. His namesake law states that all demand curves are inelastic. For 10 points, name this author of The Intellectual and the Marketplace, a Chicago school economist who names a law of demand and supply elasticities and won the Nobel Prize in 1982.
While working for NBER, this economist created the first measure of Total Factor Productivity, publishing it in Trends in Output and Employment.
George (Joseph) Stigler