Econ70
The Friday File: Imagine having to choose one of three lotto tickets, two of which are worthless and one of which is valuable. Now suppose one of the two tickets not chosen is removed since the host knows it’s worthless.…
Read MoreObamacare will reduce demand for employees at firms with slightly less than 50 workers and for hires wanting more than 30 hours/week of work. It’ll also reduce the supply of labor. Now, many employees work for health insurance. Once insurance…
Read MoreMiddle class is defined as adults with household incomes between two-thirds and twice the national median, or between $40,000 and $120,000 today. In 1971, 61% of adults were middle class, 14% were upper class and 25% were lower class. Today,…
Read MoreRon Coase, winner of the 1991 Nobel Prize in economics, died yesterday at 102. He was best known for his research into transaction costs and how it influences firm size, and the observation that a lack of property rights increases…
Read MoreThe Friday File: Looking at both federally-mandated paid vacation and holidays among rich nations, Austria ranks number one with 35 days/year, Germany and Spain tie for second with 34, followed by Italy and France at 31, Belgium and New Zealand…
Read MoreThe most active Congress, as measured by the number of bills passed into law, excluding private bills, was the 84th (1955-1956) which passed 1,028 bills. Eisenhower (R) was President; Lyndon Johnson (D) was Senate Majority Leader and Sam Rayburn (D)…
Read MoreWhile the economy is improving, it’s now facing huge headwinds. They include the need for a Continuing Resolution, hitting the debt ceiling, Syria and its impact on oil prices, who will be the next Chairman of the Federal Reserve, the…
Read MorePurchases of new homes plunged 13.4% in July to only 394,000, the steepest drop in years underscoring the uneven pace of recovery. Worse, April, May and June new home sales were revised sharply lower and are officially in the books…
Read MoreWhile Congress will inevitably pass a Continuing Resolution to fund the government beyond 9/30/13 when the current CR expires, a key question is at what spending level. If current funding levels are carried into FY14, as is usually the case…
Read MoreThe Friday File: Organizations often promise that 10%, 20%, or even all profits go to charity, while other firms promise that a percentage of revenues go to charity. Of course charitable giving is always good, but as a curmudgeonly economist,…
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