Tag: living standard
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Why employees earn more at big-box chains than mom-and-pop shops (and other observations)
PBS News Hour has a piece Why employees earn more at big-box chains than mom-and-pop shops. Contrary to widespread belief, big-box stores and chains have increased wages in the retail sector as they have spread, according to “Do Large Modern Retailers Pay Premium Wages?” (NBER Working Paper No. 20313). Retail wages rise markedly with the…
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Minutes of Work Required to Purchase 500ml of Beer
Economist Always good to know the U. S. is first at something.
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Hans Rosling and the magic washing machine
“What was the greatest invention of the industrial revolution? Hans Rosling makes the case for the washing machine. With newly designed graphics from Gapminder, Rosling shows us the magic that pops up when economic growth and electricity turn a boring wash day into an intellectual day of reading.”
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You Are What You Spend
New York Times: You Are What You Spend (HT: Greg Mankiw) This is an outstanding article by two Federal Reserve Economists about standards of living at various quintiles. The bottom fifth earned just $9,974, but spent nearly twice that — an average of $18,153 a year. How is that possible? A look at the far…