There are problems at Staples, but they begin with the online ordering system. Closing 225 stores does nothing to solve the real problem. I know it will be quite a while before I shop at Staples.com again.
After their previous February 9 editorial on the same subject I sent the editors a long e-mail citing the Neumark, Salas, and Wascher paper and pointing out that this paper refutes both of the studies — including the one cited above.
Scarce goods and services (pretty much anything with a price) must be rationed somehow. Letting the price of a good adjust takes care of the problem automatically. If the price is below equilibrium, quantity demanded will exceed quantity supplied. The price will rise until the two quantities are equal.
Kind of detracts from the intended support for Bitcoins.
Gene Sperling is the chief White House economic adviser. I’ve long suspected that people who go to work in Washington, D.C., are required to have half their brains removed when they cross the beltway. This pretty much confirms that hypothesis.
On the other hand, given the administrations choices for other cabinet posts, we should probably be happy that Ms. Sebelius remains in her post. However, it’s clear that Kathleen Sebelius doesn’t know any economists.
David Neumark, J.M. Ian Salas, and William Wascher (NSW) used the same data that both ADR and DLR used. Their paper “Revisiting the Minimum Wage − Employment Debate: Throwing Out the Baby With the Bathwater?” (January, 2013. National Bureau of Economic Research Working Paper 18681). In fact, the title is too kind. ADR and DLR have apparently thrown out the baby and kept (and published) the bathwater.
News flash and a little economics: the animals that produced ivory currently being bought and sold on the black market are already dead. Destroying that ivory will not bring them back to life. It will, however, decrease the supply of ivory, drive up the price, and … encourage more poaching.
This translates into a boost in the stock price of 3.17%. Without the stock buyback, the price would have been $503.72 under this scenario.
The Times editorial board has now officially become a propaganda wing of the Obama administration. Updated Feb. 6 to include a video clip showing CBO Director Dr. Douglas Elmendorf replying to questions from Rep. Paul Ryan (R-Wisconsin). Dr. Elmendorf confirms that the reduction in labor supply directly leads to the CBO forecast of lower economic growth.