1 ?Ray Dalio, Principles (Bridgewater Associates, 2011), 6.
2 ?U.S. Bureau of Labor Statistics, “A Profi le of the Working Poor, 2013,”BLS Reports , no. 1055 (July 2015). 为此，美国劳工统计局将工作半年以上的劳动力囊括在内。 U.S. Bureau of Labor Statistics, “Occupa tional Employment and Wages—May 2014” (press release), March 25,2015.零售销售人员和收银员的每小时工资中位数分别为 10.19 美元和 9.17 美元。
3 ?“McDonald’s Helps Workers Get Food Stamps,”CNNMoney , Oct. 24,2013.
4 ?Drew DeSilver, “5 Facts About the Minimum Wage,” Pew Research Center Fact Tank, July 23, 2015.
5 ?1965 年 9 月，最低工资（每小时 1.25 美元）几乎是一线雇员平均工资（每小时 2.65 美元）的一半；2015 年，最低工资（每小时 7.25美元）仅为平均工资（每小时 20.81 美元）的约 1/3。Federal Reserve Bank of St. Louis, FRED Economic Data, “Average Hourly Earnings of Production and Nonsupervisory Employees: Total Private.”经济合作与发展组织显示，在最低工资与平均工资的比率上，美国与墨西哥最低。OECD.Stat, Labour, Earnings, “Minimum Relative to Average Wages of Full-Time Workers.”
6 ?Baumol and Blinder, Economic s, 5.
7 ?Hazlitt, Economics in One Lesson , 119; Friedman, Capitalism and Freedom , 180; Wanniski, Way the World Works , 89; Waltman, Politics of the Minimum Wage , 44.
8 ?例如Mark Wilson, “The Negative Effects of Minimum Wage Laws” (Cato Institute Policy Analysis No. 701, June 21, 2012)；“Facts About the Minimum Wage” (Heritage Foundation Factsheet No. 136, Jan. 30,2014)； Douglas Holtz-Eakin and Ben Gitis, “Counterproductive: The Employment and Income Effects of Raising America’s Minimum Wage”(Manhattan Institute issue brief 36, July 2015)。
9 ?Richard K. Vedder, “The Transformation of Economics,”Wall Street Journal , March 1, 2016; Tim Worstall, “Proof That Raising the Minimum Wage Will Increase Unemployment,”Forbes , June 11, 2015; Jonah Gold berg, “Bernie and Hillary’s Harmful Good Intentions on the Minimum Wage,” National Review , April 20, 2016.
10 ?“The Real Minimum Wage,” The FRED Blog , Federal Reserve Bank of St. Louis, July 23, 2015; Federal Reserve Bank of St. Louis, FRED Economic Data, “Average Hourly Earnings of Production and Nonsuper visory Employees: Total Private.”
11 ?David Card and Alan B. Krueger, “Minimum Wages and Employment: A Case Study of the Fast-Food Industry in New Jersey and Pennsylvania,”American Economic Review 84, no. 4 (Sept. 1994): 792.
12 ?David Neumark and William Wascher, “Minimum Wages and Employ ment: A Review of Evidence from the New Minimum Wage Research”(NBER working paper 12663, Nov. 2006), 121; Hristos Doucouliagos and T. D. Stanley, “Publication Selection Bias in Minimum-Wage Research? A Meta-regression Analysis,”British Journal of Industrial Relations 47, no. 2 (2009): 406–28; Dale Belman and Paul J. Wolfson,What Does the Minimum Wage Do? (Upjohn Institute, 2014), chap. 4.
13 ?Arindrajit Dube, T. William Lester, and Michael Reich, “Minimum Wage Effects Across State Borders: Estimates Using Contiguous Counties,”Review of Economics and Statistics 92, no. 4 (Nov. 2010): 961; David Neumark, J. M. Ian Salas, and William Wascher, “Revisiting the Minimum Wage–Employment Debate: Throwing Out the Baby with the Bathwater?,”ILR Review 67, no. 3 (May 2014) supplement: 608–48. 关于详细回顾 20 世纪 90 年代以来的实证最低工资研究，参见Belman and Wolfson, What Does the Minimum Wage Do? 尤其是chap. 2。
14 ?IGM Forum, “Minimum Wage,” University of Chicago Booth School of Business, Feb. 26, 2013. 34%的人认为低技术工人找工作比较困难，而 32%的人认为找工作比较困难（其余的人还没有决定，或者没有意见）。在将最低工资标准提高到每小时 15 美元是否会增加失业率的问题上，同一小组也存在分歧：26%的人认为会，24%的人认为不会。IGM Forum, “$15 Minimum Wage,” University of Chicago Booth School of Business, Sept. 22, 2015.
15 ?Justin Wolfers and Jan Zelinsky, “Higher Wages for Low-Income Work ers Lead to Higher Productivity,”in Raising Lower-Level Wages: When and Why It Makes Economic Sense (Peterson Institute for International Economics briefi ng 15-2, April 2015), 6–8.
16 ?John Schmitt, “Why Does the Minimum Wage Have No Discernible Effect on Employment?,” (Center for Economic and Policy Research,Feb. 2013), 11–13.
17 ?Congressional Budget Offi ce, The Effects of a Minimum-Wage Increase on Employment and Family Income , Pub. No. 4856 (Feb. 2014); Arindrajit Dube, “Minimum Wages and the Distribution of Family Incomes,”Dec. 30, 2013, http://arindube.com/working-papers/. 诺伊马克认为，提高最低工资并不影响贫困率。David Neumark, “Should Missouri Raise Its Minimum Wage?,” (Show-Me Institute Policy Study No. 33,Sept., 2012). 不过，杜贝发现，诺伊马克自己的实证研究数据表明，提高最低工资确实可以减少贫困。
18 ?IGM Forum, “Minimum Wage.” 47%的人认为每小时 9 美元的联邦最低工资是可取的，11%的人认为不可取。
19 ?Mike Konczal, “7 Bipartisan Reasons to Raise the Minimum Wage,”Boston Review , March 3, 2014. 在最近的一次审查中，关于这一专题的所有 8 项实证研究都发现，最低工资的提高导致不平等程度较低。Belman and Wolfson, What Does the Minimum Wage Do? , 336.
20 ?Friedman, Capitalism and Freedom , 191–92; Hayek, Constitution of Liberty , 424.
21 ?Peter Coy, “Seven Nobel Economists Endorse a $10.10 Minimum Wage,”Bloomberg , Jan. 14, 2014.
22 ?Rubio, Cruz, and Paul: “Transcript: Freedom Partners Forum: Ted Cruz,Rand Paul and Marco Rubio in Conversation with ABC’s Jonathan Karl,” ABC News , Jan. 26, 2015. Bush: J. D. Lutz, “Jeb Bush on Raising Minimum Wage,” YouTube, March 17, 2015. Ryan: Washington Free Beacon, “Paul Ryan Demolishes Case for Raising Minimum Wage,”YouTube, Jan. 29, 2014.
23 ?Eric Lipton, “Fight over Minimum Wage Illustrates Web of Industry Ties,” New York Times , Feb. 9, 2014. 提高最低工资标准的运动有自己的支持利益集团，但其论点一般不是基于经济模式。
24 ?Andy Puzder, “Killing the Working Class at Wal-Mart,”Wall Street Journal , Feb. 4, 2016.
25 ?Michael Lynn and Christopher Boone, “Have Minimum Wage Increases Hurt the Restaurant Industry? The Evidence Says No!”Cornell Hospitality Report 15, no. 22 (Dec. 2015): 3–13.
26 ?Barry Ritholtz, “Historical Perspective on the Minimum Wage,” The Big Picture, March 3, 2016.
27 ?Gerald Mayer, Union Membership Trends in the United States (Congressional Research Service Report, Aug. 31, 2004), app. A.
28 ?Hayek, Constitution of Liberty , 388–92; Friedman, Capitalism and Freedom , 124.
29 ?U.S. Bureau of Labor Statistics, “Union Members—2015” (press release),Jan. 28, 2016, table 3.
30 ?Bruce Western and Jake Rosenfeld, “Unions, Norms, and the Rise in U.S.Wage Inequality,”American Sociological Review 76, no. 4 (2011): 532.
31 ?“Transcript: Freedom Partners Forum.”
32 ?Emmanuel Saez and Gabriel Zucman, “Wealth Inequality in the United States Since 1913: Evidence from Capitalized Income Tax Data,”Quarterly Journal of Economics (2016), table 1; Piketty, Capital , 315;Alvaredo et al., World Wealth and Income Database , “United States,Top 0.1% Income Share—Including Capital Gains,” http://www.wid.world. 在不包括资本收益的情形下，收入最高的 0.1%的份额从 20世纪 70 年代的 2.0%增长到 2010 年以来的 7.6%。在顶层的数据中，很大一部分劳动收入实际上被报告为资本收益，其中的原因将在下文讨论。
33 ?Elliot Blair Smith and Phil Kuntz, “CEO Pay 1,795-to-1 Multiple of Wages Skirts U.S. Law,” Bloomberg , April 30, 2013.
34 ?Ylan Q. Mui, “Seeing Red over a Golden Parachute,” Washington Post ,Jan. 4, 2007.
35 ?Stephen Taub, “The 2015 Rich List: The Highest Earning Hedge Fund Managers of the Past Year,”Institutional Investor’s Alpha , May 5, 2015.
36 ?Forbes 400 (2015 Ranking), Forbes .
37 ?Hazlitt, Economics in One Lesson , 122.
38 ?Michael I. Norton and Dan Ariely, “Building a Better America—One Wealth Quintile at a Time,” Perspectives on Psychological Science 6,no. 1 (2011): 9–12.
39 ?Peter Rudegeair, “Goldman Ties Leaders’ Compensation to Perfor mance,”Wall Street Journal , April 10, 2015.
40 ?Friedman, Capitalism and Freedom , 166.
41 ?Laura M. Holson, “Ruling Upholds Disney’s Payment in Firing of Ovitz,”New York Times , Aug. 10, 2005.
42 ?“Executive Envy,” Wall Street Journal, Jan. 21, 2006; Mark A. Calabria,“Regulating Executive Pay” (Cato Institute, Aug. 16, 2010); Jeffrey Dorfman, “The Wrong People Care About CEO Pay, and They Care for the Wrong Reasons,”Forbes , July 18, 2013; Robert B. Reich, “CEOs Deserve Their Pay,” Wall Street Journal, Sept . 14, 2007.
43 ?Tomoeh Murakami Tse, “Long-Serving AT&T Chief to Leave with Huge Payout,”Washington Post , April 28, 2007; The Intercept, “Former GOP Sen. Phil Gramm: ‘It Was an Outrage’ That ‘Exploited’ AT&T CEO Only Got $75 Million at Retirement,” Vimeo, July 29, 2015. 尽管格拉姆说，惠特克收到了 7 500 万美元，但他的实际全部收入至少为 1.58亿美元。
4 ?Susan Fleck, John Glaser, and Shawn Sprague, “The Compensation-Pro ductivity Gap: A Visual Essay,” Monthly Labor Review , Jan. 2011, 59.
45 ?Nancy F. Koehn, “Great Men, Great Pay? Why CEO Compensation Is Sky High,”Washington Post , June 12, 2014.
46 ?Adair Morse, Vikram Nanda, and Amit Seru, “Are Incentive Contracts Rigged by Powerful CEOs?,” Journal of Finance 66, no. 5 (Oct. 2011):1779–821.
47 ?Buffett: John Komlos, What Every Economics Student Needs to Know and Doesn’t Get in the Usual Principles Text (M. E. Sharpe, 2014), 127.Galbraith: John Kenneth Galbraith, Annals of an Abiding Liberal (Houghton Miffl in, 1979), 79.
48 ?芬克尔斯坦引自James Surowiecki, “The Comeback Conundrum,” New Yorke r, Sept. 21, 2015；Marianne Bertrand and Sendhil Mullainathan,“Are CEOs Rewarded for Luck? The Ones Without Principals Are,”Quarterly Journal of Economics 116 , no. 3 (Aug. 2001): 901–32。另见Markus A. Fitzka, “The Use of Variance Decomposition in the Investiga tion of CEO Effects: How Large Must the CEO Effect Be to Rule Out Chance?,” Strategic Management Journal 35 , no. 12 (Dec. 2014):1839–52。
49 ?Lucian Arye Bebchuk and Jesse M. Fried, “Executive Compensation as an Agency Problem,”Journal of Economic Perspectives 17 , no. 3(Summer 2003): 71–92; Lucian A. Bebchuk, K. J. Martijn Cremers, and Urs C. Peyer, “The CEO Pay Slice,”Journal of Financial Economics 102, no. 1 (Oct. 2011): 199–221; Lucian A. Bebchuk, Yaniv Grinstein, and Urs Peyer, “Lucky CEOs and Lucky Directors,”Journal of Finance 65,no. 6 (Dec. 2010): 2363–401; Lucian Bebchuk and Jesse Fried, Pay Without Performance: The Unfufilled Promise of Executive Compensation ( Harvard University Press, 2004); Steven N. Kaplan and Joshua Rauh,“Wall Street and Main Street: What Contributes to the Rise in the Highest Incomes?,” Review of Financial Studies 23, no. 3 (March 2010):1004–50; Steven N. Kaplan, “Executive Compensation and Corporate Governance in the United States: Perceptions, Facts, and Challenges,”Cato Papers on Public Policy 2 (2012): 99–164.
50 ?Financial Crisis Inquiry Commission, The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States (PublicAffairs,2011), 141.
51 ?Jesse Eisinger and Jake Bernstein, “The Magnetar Trade: How One Hedge Fund Kept the Bubble Going,” ProPublica , April 9, 2010; Felix Salmon, “The Big Short,” Reuters, March 15, 2010.
52 ?Jon Bakija, Adam Cole, and Bradley T. Heim, “Jobs and Income Growth of Top Earners and the Causes of Changing Income Inequality: Evidence from U.S. Tax Return Data” (Williams College Economics Department working paper 2010-22, rev. April 2012), table 3.
53 ?Vivek Wadhwa et al., The Anatomy of an Entrepreneur: Making of a Suc cessful Entrepreneur (Ewing Marion Kauffman Foundation, Nov. 2009).
54 ?Hayek, Road to Serfdom , 134.
55 ?David M. Mason, “Why Government Control of Bank Salaries Will Hurt,Not Help, the Economy” (Heritage Foundation Backgrounder 2336,Nov. 4, 2009).
