, Columnist
A Job Is More Than a Paycheck
Economists err in thinking of work as just a way to make money. It's a source of self-respect, identity and pride.
You too can grow up to be a farrier.
Source: Education Images/UIG/getty imagesIn the aftermath of the 2016 presidential election, I’m starting to rethink one of my basic beliefs about the economy. For a long time, I’ve believed that what mattered most for economic well-being was money. Median income, consumption, wages -- all the things I cared about most were measured in dollars.
Because of this attitude, I’ve supported lots of policies aimed at boosting the amount of money in the average person’s pocket. I’ve called for Japan to liberalize its markets, and for the U.S. to encourage workers to move to places with better opportunities. And I’ve often assumed that a dollar of government redistribution is just as good as a dollar of wages.