SOME ECONOMICS FOR MARTIN LUTHER KING DAY
On November 2, 1983, President Ronald Reagan signed a law establishing a federal holiday for the birthday of Martin Luther King Jr., to be celebrated each year on the third Monday in January. As the legislation that passed Congress said: "such holiday should serve as a time for Americans to reflect on the principles of racial equality and nonviolent social change espoused by Martin Luther King, Jr.." Of course, the case for racial equality stands fundamentally upon principles of justice, not economics. But here are a few economics-related thoughts for the day clipped from 2018 posts at this article, with more detail and commentary at the links:
4) "Black-White Income and Wealth Gaps" (July 2, 2018)
William Darity Jr., Darrick Hamilton, Mark Paul, Alan Aja, Anne Price, Antonio Moore, and Caterina Chiopris discuss "What We Get Wrong About Closing the Racial Wealth Gap" (April 2018, Samuel DuBois Cook Center on Social Equity at Duke University). The paper is written in the form of myths about the black-white wealth gap, then followed by evidence.
Read the full article here.