Archive for the ‘economics’ Category

The Gender Wage Gap

September 9, 2016

The Gender Wage Gap

“Women earn 79 cents for every dollar a man makes.”  Factually correct, but that doesn’t reflect the complexity of the problem. Sarah Kliff explains:

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Dr. King on the Roots of Economic Inequality

January 18, 2016

Dr. King on the Roots of Economic Inequality

Martin Luther King Jr. and the Southern Christian Leadership Conference (SCLC) planned a Poor People’s Campaign for May 1968 to demand jobs, unemployment insurance, a fair minimum wage, affordable housing, and education for poor adults and children, an Economic Bill of Rights. The effort was to involve poor people of all races from all parts of the country, urban and rural, but the historical roots of racial economic disparity could not be ignored:

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Americans Sell Off Stocks, Buy Lottery Tickets

January 13, 2016

Americans Sell Off Stocks, Buy Lottery Tickets

It’s 2016. Wall Street is down, but lottery ticket sales are up. Wednesday’s Powerball grand prize is expected to be around $1.5 billion.

Powerball includes 44 state lotteries and those in DC, Puerto Rico, and the U.S. Virgin Islands. Odds of winning: 1 in 292 million.

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Small Business Saturday. Shop Local.

November 28, 2015

Small Business Saturday. Shop Small.

Yesterday, on “Black Friday,” millions of Americans spent billions of dollars with the multi-national corporations that sell imported products in U.S. shopping malls. Some of us resisted this retail feeding frenzy and bought nothing. Today people from both camps will buy local, shopping with neighborhood shops on Small Business Saturday.

$100 spent with local businesses returns $68 to the community vs. $43 spent at big box stores. So think outside the big box and shop local. The Small Business Saturday campaign was started in 2010 by American Express, but your local shopkeepers will really thank you if you pay cash and leave your Amex card at home (shops have to pay Amex swipe fees).

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Big Savings!

November 27, 2015

Big Savings!

The Friday after Thanksgiving or ”Black Friday“ is reserved by global corporations for whipping Americans into a frenzy of over-consumption.  Millions camp out and line up for hours hoping for bargains. Most end up buying things they don’t need at prices they can’t afford.

Save big today. Don’t buy a single thing. If you want to spend something, spend the day with friends and family. Spend time at the library; borrow a book and spend time reading it. Spend time making something. You’re not what you buy. You’re not a “consumer.” You’re a human being.

More:

“Buy Nothing Day,” AdBusters

“Buy Nothing Day,” Wikipedia, the free encyclopedia

“The scientific explanation of why people kill each other over TVs on Black Friday,” Laurence Ashworth, Reuters

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Angus Deaton

October 13, 2015

Angus Deaton has been awarded the Nobel Prize in Economics.

“To design economic policy that promotes welfare and reduces poverty, we must first understand individual consumption choices. More than anyone else, Angus Deaton has enhanced this understanding. By linking detailed individual choices and aggregate outcomes, his research has helped transform the fields of microeconomics, macroeconomics, and development economics.”

— Royal Swedish Academy of Sciences

More:

“Princeton professor Angus Deaton wins Nobel Prize in economics,” Jeff Guo, Washington Post

“Why Angus Deaton Deserved the Nobel Prize in Economics,” Christopher Blattman, Foreign Policy

Video [21:02]: Angus Deaton addressing the Royal Society for the encouragement of Arts, Manufactures and Commerce (RSA) on “Health, Wealth and the Origins of Inequality.” October 17, 2013. A complete audio recording of his remarks is here.

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Today’s Economy: Agnes Török Explains It All to You

July 19, 2015

“Worthless,” written and performed by Agnes Török of Loud Poets. Film by Perry Jonsson; music by Robbero.

h/t: S. Abbas Raza

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Comments are welcome if they are on-topic, substantive, concise, and not boring or obscene. Comments may be edited for clarity and length.

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Panicking Plutocrats Ponder Wealth Inequality

March 13, 2015

Panicking Plutocrats Ponder Wealth Inequality
Daily Show correspondent Hasan Minhaj recently explored the growing income gap in the millionaire population. “According to a recent study,” he concluded, “the insanely rich people are leaving behind the lowly, average, regular rich people.”

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Patricia Arquette Minds the Gap

February 24, 2015

Patricia Arquette Minds the Gap

When Patricia Arquette accepted the Academy Award for Best Supporting Actress, she had words of support for other working women (especially working moms): “It’s our time to have wage equality once and for all and equal rights for women in the United States of America.”

While not everyone gave her performance (or her backstage chatter) rave reviews, Jesus smiled on it (okay, it’s Jared Leto). And so did  Meryl Streep and Jennifer Lopez:

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Entrepreneurs Take Wild Risks, Right?

January 26, 2015

Entrepreneurs Take Wild Risks, Right?

Since capitalism rewards risk-taking, entrepreneurs must be be less risk-averse than the rest of us, right? Not so fast. A 2004 paper by Hongwei Xu and Martin Ruef concludes that “entrepreneurs are significantly more risk-averse than the general population in pursuing pecuniary benefits.” They tend to limit financial risks that may endanger autonomy and business viability.

More:

“Maybe Entrepreurs Don’t Like Risk Much After All,” Livia Gershon, JSTOR Daily

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Image by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

Comments are welcome if they are on-topic, substantive, concise, and not boring or obscene. Comments may be edited for clarity and length.

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