Aug 11, 2017

Occupational licenses may reduce income inequality

The Wall Street Journal highlights a study by Clemson University economists Peter Blair and Bobby Chung which purports to show that occupational licenses, which legally permit workers to do certain jobs like barbering or pest control, reduce income inequality between men and women and between whites and African Americans.

According to the report, occupations that require licensing see a decline in wage inequality between men and women between 36% and 40%, and a decrease between black men and white men of 43%.

Why it matters: Occupational licensing has been criticised by both Democrats and Republicans as unnecessary barriers erected by vested interests to keep new entrants out of the market, which reduce employment and raise prices. But Blair and Chung argue that they also enable workers who are discriminated against an opportunity to signal their competence to prospective employers.

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Biden bets it all on South Carolina

Illustration: Eniola Odetunde/Axios

COLUMBIA, S.C. — Most Joe Biden admirers Axios interviewed in South Carolina, where he's vowed to win today's primary, said they're unfazed by his embarrassing losses in Iowa, New Hampshire and Nevada.

Why it matters: Biden has bet it all on South Carolina to position himself as the best alternative to Bernie Sanders — his "good buddy," he tells voters before skewering Sanders' record and ideas.

Coronavirus updates: Market ends worst week since financial crisis

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The stock market ended its worst week since the financial crisis, prompting the Fed to release a statement. Meanwhile, the WHO warned that countries are losing their chance to contain the novel coronavirus and raised its global risk assessment to "very high" Friday.

The big picture: COVID-19 has killed more than 2,860 people and infected more than 84,000 others in over 60 countries and territories outside the epicenter in mainland China. The number of new cases reported outside China now exceed those inside the country.

Go deeperArrowUpdated 12 hours ago - Health

California coronavirus: Latest case has no recent history of international travel

Gov. Gavin Newsom. Photo: Kevork Djansezian/Getty Images

A new case of the novel coronavirus in California was announced on Friday after Gov. Gavin Newsom said Thursday that 33 people had tested positive for the virus, noting the risk to the public remains low.

What's new: An adult woman with chronic health conditions in Santa Clara County who "did not recently travel overseas" or come into contact with anyone known to be ill was confirmed to have contracted the coronavirus on Friday by CDC and California Department of Public Health officials.

Go deeperArrowUpdated 13 hours ago - Health