{"product_id":"the-wage-standard-isbn-9780593471418","title":"The Wage Standard","description":"\u003cb\u003e“The go-to guy on minimum wage” (Nobel Laureate and \u003ci\u003eNew York Times\u003c\/i\u003e bestselling author Paul Krugman) tackles one of the thorniest social issues of our times—income inequality—from a new vantage point with field-leading economics.\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003eHow did the labor market stop working for so many in the workforce? Why did wages at the bottom and in the middle of the pay scale fail to keep up with a growing economy that delivered over 70 percent productivity gains and soaring incomes for those at the top? What caused this divergence, and what can we do about it now? \u003ci\u003eThe Wage Standard\u003c\/i\u003e is a deep dive into these very questions—questions Arin Dube has explored in over two decades of influential research.\u003cbr\u003e\u003cbr\u003ePainting a new picture with data, Dube shows us how wages for most workers became painfully frozen. But also, he argues, this fate was not inevitable, and more importantly, that it can be reversed. \u003ci\u003eThe Wage Standard\u003c\/i\u003e lays bare how the labor market really works, revealing levers to pull to shift course: to reshape corporate decisions, rethink policy priorities, and rebalance economic power and social norms to better protect the typical worker. These are the keys to unlocking broad-based prosperity.\u003cbr\u003e\u003cbr\u003eDube delivers a hopeful message. First, chances are, you deserve a raise. And second, it’s not necessary to fix the broken politics of Washington, DC, in order to get one. Political will, public engagement, and persistence can set a new standard to reset the labor market and improve the lives of American workers starting today. In fact, signs of progress are already offering a glimpse of what a fairer economy can and will look like.Table of Contents\u003cbr\u003e\u003cbr\u003eCHAPTER 1\u003cbr\u003eA Raise Deferred\u003cbr\u003e\u003cbr\u003eCHAPTER 2\u003cbr\u003eMonopsony!\u003cbr\u003e\u003cbr\u003eCHAPTER 3\u003cbr\u003eTales of Market Tightness\u003cbr\u003e\u003cbr\u003eCHAPTER 4\u003cbr\u003eThe Treaty of Detroit\u003cbr\u003e\u003cbr\u003eCHAPTER 5\u003cbr\u003eCorporate Pay Strategies\u003cbr\u003e\u003cbr\u003eCHAPTER 6\u003cbr\u003eThe Minimal Cost of Higher Minimums\u003cbr\u003e\u003cbr\u003eCHAPTER 7\u003cbr\u003eMore Than the Minimum\u003cbr\u003e\u003cbr\u003eCHAPTER 8\u003cbr\u003eThe Politics of Possibility\u003cbr\u003e\u003cbr\u003eAppendix A: Econ-Speak and Other Jargon, Decoded\u003cbr\u003e\u003cbr\u003eAppendix B: Five Equations That Explain How Wages Are Set\"The slowdown of the income growth of working people in the United States is one of the most striking and consequential events of the last half century (just think of all the discontent and political turmoil that have followed it). \u003ci\u003eThe Wage Standard\u003c\/i\u003e makes a powerful argument that the main culprit is the growing power of corporations and the weakening of labor market institutions and norms that enable workers to get a fair share of improvements in productivity and profits. With clear and convincing prose, the book shows how the US labor market looks nothing like the competitive benchmark many people assume, and how this is tightly interwoven with inequality.\"—\u003cb\u003eDaron Acemoglu, Winner of the 2024 Nobel Prize in Economic Sciences and \u003ci\u003eNew York Times \u003c\/i\u003ebestselling co-author of \u003ci\u003eWhy Nations Fail\u003c\/i\u003e\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e\"Inequality is the scourge of our contemporary world. This powerful book shows that its emergence was not inevitable, rather we allowed it to happen. The exciting implication is that we have the power to eliminate it.\"—\u003cb\u003eJames A. Robinson, Winner of the 2024 Nobel Prize in Economic Sciences and \u003ci\u003eNew York Times \u003c\/i\u003ebestselling co-author of \u003ci\u003eWhy Nations Fail\u003c\/i\u003e\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e“Arindrajit Dube’s \u003ci\u003eThe Wage Standard\u003c\/i\u003e is a deeply insightful analysis of how America’s labor market went off course—why rising productivity has not translated into rising wages for most Americans. Blending rigorous evidence with uncommon clarity, Dube shows that stagnant wages are not inevitable but the result of choices we made and can change. This is essential reading for anyone who believes a fairer economy is both possible and within reach.”\u003cb\u003e—Janet L. Yellen, 78th Secretary of the Treasury and former Chair of the Federal Reserve\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e“Since 1980, wage growth has lagged productivity, pay inequality has exploded, wage differences between firms have widened, and many studies have shown that increases in minimum wages have little or no effect on employment. In this remarkable book, Arin Dube argues that all four of these facts – and many other anomalies in the US labor market – are connected by the erosion of the “pay standards” that drive company pay policies. Building on his own path-breaking work, he tells the story of this erosion and discusses policies to reverse the trend, including minimum wages and growth-centered macro policy. A must-read for anyone who has despaired over the fate of the American labor market.”—\u003cb\u003eDavid E. Card, Winner of the 2021 Nobel Prize in Economic Sciences\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e\"Wage suppression and the destruction of workers' bargaining power lie behind nearly all of our social and cultural crises. In his lucidly written and richly researched new book, Arin Dube offers not only an acute diagnosis, but also a practical and humane pathway out of it. \u003ci\u003eThe Wage Standard \u003c\/i\u003eis essential for reformers and working people.\"—\u003cb\u003eSohrab Ahmari, author of \u003ci\u003eTyranny, Inc.\u003cbr\u003e\u003cbr\u003e\u003c\/i\u003e\u003c\/b\u003e\"If you feel like you're underpaid—you're probably right. Arin Dube shows us why. In \u003ci\u003eThe Wage Standard\u003c\/i\u003e, one of today’s leading labor economists explains how the market left working people behind—and how we can finally catch up. A must-read for anyone who works for a living.\"\u003cb\u003e—Congressman Ro Khanna, author of\u003ci\u003e Dignity in a Digital Age\u003c\/i\u003e\u003c\/b\u003e\u003cbr\u003e\u003cb\u003e\u003ci\u003e\u003cbr\u003e\u003c\/i\u003e\u003c\/b\u003e“This is a must-read for anyone hoping to understand why wages for working people haven’t kept pace with economic growth. Unions and collective bargaining paved the way for record levels of shared prosperity in this country, where wages and productivity grew together. Professor Dube shows how attacks on unions, and declining union membership, have reversed those gains: leading to lower wages for workers, more profits going to corporate executives, and growing income inequality. He also offers hope for a future where the economic choices we make as a society can rebuild a wage structure that assures workers get a fair share. Unions and collective bargaining are powerful tools in his vision and organized labor can move us to a better, fairer future where we can assure prosperity for all Americans.”—\u003cb\u003eElizabeth H. Shuler, President of the AFL-CIO\u003c\/b\u003e\u003cb\u003eARINDRAJIT (ARIN) DUBE\u003c\/b\u003e is Provost Professor of Economics at the University of Massachusetts Amherst, research associate at the National Bureau of Economic Research, and research fellow at the Institute for Labor in Germany. He has testified before Congress, consulted with the UK government, provided counsel to many state legislatures, and is invited to speak about his research around the world. Dube publishes consistently in top economics journals, such as the \u003ci\u003eQuarterly Journal of Economics\u003c\/i\u003e, \u003ci\u003eAmerican Economic Review\u003c\/i\u003e, \u003ci\u003eReview of Economics and Statistics\u003c\/i\u003e, and \u003ci\u003eAmerican Economic Journal\u003c\/i\u003e. He has written opinion pieces for \u003ci\u003eThe New York Times\u003c\/i\u003e,\u003ci\u003e The Washington Post\u003c\/i\u003e, and has been interviewed extensively on radio and television programs, including NPR, MSNBC, CNBC, and Bloomberg TV.","brand":"Dutton","offers":[{"title":"Default Title","offer_id":48233763602661,"sku":"NP9780593471418","price":30.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780593471418.jpg?v=1767742107","url":"https:\/\/k12savings.com\/products\/the-wage-standard-isbn-9780593471418","provider":"K12savings","version":"1.0","type":"link"}