Justin Wolfe

Economist Justin Wolfers is commenting on a two-percent faculty pay raise announced during an inflationary period, calling it an example of money illusion. He notes nobody pointed out the raise actually amounts to a cut in real wages, weakening purchasing power, admitting he did not speak up either. The anecdote is being shared as a lesson in how nominal raises can mask real losses.

Justin Wolfe, who spent roughly 25 years in prison, much of it on death row in Virginia, has been released after his murder conviction was vacated. Wolfe was convicted in connection with the 2001 killing of a classmate in Northern Virginia, a case long dogged by questions about the reliability of the evidence against him. His release marks the culmination of years of appeals and raises renewed scrutiny of the original prosecution.