A study finds that the closer your last name is to the end of the alphabet, the faster you make purchasing decisions. And yes, the behavior is ingrained in us based on how we all used to line up in school. [More]
A new study shows that increased minimum wage does not increase unemployment. [More]
The cheapest time to get your airline tickets is 8 weeks in advance, says an economist who came up with a fancy formula, âˆA = gUG + min(k-g, (1-g)(1-r)), to figure it out. [More]
Online news site The Daily Beast is apparently tired of this whole “floundering economy” thing, so it got more than a dozen economists and historians to come together and issue a manifesto yesterday calling on the U.S. government to “reboot America.” By the end of the day, the number of experts supporting the manifesto increased to more than 40. They argue that the government has to help return lost purchasing power to the unemployed and must use tax cuts and stimulus to boost overall demand, or we’ll never make it out of this slump. [More]
As a nation, we saved more of our paychecks last month than any time since last September–nearly 4% of income went unspent. That worries economists, because it means we’re not spending at a high enough rate to support an economic recovery. But as the Washington Post notes, since unemployment remains high and most of the recent wage growth came from the government, consumers aren’t exactly comfortable with buying something shiny and new just because it’s on sale. [More]
Paul Krugman, economist and NYT columnist thinks so, and suggests that now is not the time to radically cut back in spending. He says that recent speeches coming out of Europe seem to be taken from the Hoover playbook, and he’s worried. [More]
You might have noticed a few headlines this morning about the good jobs news — 290,000 new jobs were added in March — coupled with the rather grim realization that the unemployment rate climbed to 9.9%. What’s up with that? [More]
The people on that People of Walmart website may wear some ugly t-shirts, but at least they’re honest when it comes to dealing with strangers. According to a new study that looked at how markets, religion, and the size of a community impact concepts of fairness and punishment, Walmart grocery shoppers in Missouri came out on top in terms of treating the other side fairly and punishing selfishness. [More]
The NY Post says that they’ve found a correlation between economic growth and same store sales at Walmart. Their theory is that as the economy improves, people run away from the big blue box. [More]
An oddly high-produced music video rap battle between economists John Maynard Keynes and F. A. Hayek. It crystallizes and communicates the differences between macroeconomic and classic liberal free-market capitalism through the magic of hiphop. It seems weighted towards Hayek but it’s entertaining nonetheless, even though I’m sure Tea Party folks probably email it to their friends with lots of dancing emoticons and angel gifs. What side do you fall on, Keynes or Hayek? [More]
Newsday is a Long Island newspaper. Some people bought it for $650 million and put it behind a pay wall. Three months later, they’ve got 35 subscribers. Yes, 35. [More]
The NYT has an interesting article about what does on behind the scenes when you make a purchase at a retailer with your VISA debit card. You typically have two choices — you can enter your PIN or choose to sign. When you sign the retailer has to pay higher fees to VISA. [More]
A new study says that Tiger Woods spectacular fall from grace has cost shareholders of the firms that used him as a spokesperson to lose $12 billion in value. [More]
The pace of job losses has slowed significantly, but the economy still divested itself of 190,000 jobs in October, sending the national unemployment rate to 10.2%, says the Bureau of Labor Statistics. It should be noted that the unemployment rate only tracks people actively seeking work.
No, just kidding. We know you still don’t have a job. The Commerce Department announced that the economy grew 3.5% in the third quarter — snapping the longest streak of economic contraction since 1947.
NYC wants to have less homeless people — even if that means buying them a one way ticket out of town. The NYT says that the Bloomberg administration has paid for 550 homeless people to leave the city — including flying people to “Paris ($6,332), Orlando ($858.40), Johannesburg ($2,550.70), or most frequently, San Juan ($484.20).”