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Zhoushu Ziporyn

8 States to Raise Minimum Wage - NYTimes.com - 1 views

www.nytimes.com/...tes-to-raise-minimum-wage.html

shared by Zhoushu Ziporyn on 07 Jun 12 - No Cached
    • Zhoushu Ziporyn
      Zhoushu Ziporyn on 07 Jun 12
       
      wages go up, but supply of labor does not change. This causes an excess supply of labor-- unemployment.
    • Zhoushu Ziporyn
      Zhoushu Ziporyn on 07 Jun 12
       
      wages go up, but supply of labor does not change. This causes an excess supply of labor-- unemployment.
    • Zhoushu Ziporyn
      Zhoushu Ziporyn on 07 Jun 12
       
      although more money would be payed, it would not be enough to support the poor and total unemployment will increase since there is a gap between the equilibrium point with the higher wage price level and the equilibrium with the demand curve.
  • Zhoushu Ziporyn on 07 Jun 12
     
    "The minimum wage increases in Arizona, Colorado, Florida, Montana, Ohio, Oregon, Vermont and Washington will be 28 cents to 37 cents an hour, according to the National Employment Law Project." minimum wage, the minimum price for labor, has gone up in 8 states
grace turner

Commentary: Minimum Wage Boost Aids Consumers and Retailers - The Jakarta Globe - 0 views

www.thejakartaglobe.com/...aids-consumers-and-retailers-2

minimum wage

shared by grace turner on 31 May 13 - No Cached
  • grace turner on 31 May 13
     
    I would like to use this one :)
Mattias Lindell

Kenyan MPs defy president, hike pay to 130 times minimum wage | Reuters - 1 views

www.reuters.com/...a-reform-idUSBRE94R0MW20130528

reuters

shared by Mattias Lindell on 31 May 13 - No Cached
  • Mattias Lindell on 31 May 13
     
    Keyan Minimum Wage
Edward Pearson

Lost in inflation: the trap of focusing solely on the consumer price index | The Japan ... - 3 views

www.japantimes.co.jp/...nb20120220jp.html

Inflation Monetary Policy Fiscal Policy Balance of Payments

shared by Edward Pearson on 31 May 12 - No Cached
  • interest rate policy since February 1999
    • Edward Pearson
      Edward Pearson on 31 May 12
       
      -Increase borrowing and decreasing savings -however, real interest rates are positive due to deflation 
  • the government's fiscal policy options are starting to run out
    • Edward Pearson
      Edward Pearson on 31 May 12
       
      Increase in budget deficit as spending increases and tax revenue decreases - along with debt of 215% of GDP
  • This is reflected by globalized Japan's descent into its first trade deficit since 1980
    • Edward Pearson
      Edward Pearson on 31 May 12
       
      GDP=C+!+G+X-M  demand for domestic products decrease because foreign products are relatively cheaper - increase in M and decrease in X, so AD decreases and GDP decrease causing deflation
  • ...4 more annotations...
  • prices in Japan remain very high by international standards.
    • Edward Pearson
      Edward Pearson on 31 May 12
       
      Lack of factors of production - mainly land need for importing from foreign countries possible solutions- Free trade
  • This is one factor behind Japan's high prices.
  • cannot pin their hopes on wage increases
    • Edward Pearson
      Edward Pearson on 31 May 12
       
      should be a decrease in wages as revenue decreases - sticky wages 
  • They should step back and take a look at the big picture, including Japan's abnormally high prices,
    • Edward Pearson
      Edward Pearson on 31 May 12
       
      deflation possibly could be advantages - increase in spending power, international competitiveness etc 
Eva Janssen

What Economists Think About Raising the Minimum Wage - NYTimes.com - 0 views

economix.blogs.nytimes.com/...about-raising-the-minimum-wage

shared by Eva Janssen on 05 Jun 13 - No Cached
  • Eva Janssen on 05 Jun 13
     
    MINE
Tomomi Nakamura

Spain in eurozone crisis cross-hairs - CNN.com - 0 views

edition.cnn.com/...index.html

shared by Tomomi Nakamura on 07 Jun 12 - No Cached
  • crisis
    • Tomomi Nakamura
      Tomomi Nakamura on 07 Jun 12
       
      This suggests that the article will be about the economic (macro) problems which the eurozone has been going through. 
  • financial crisis
    • Tomomi Nakamura
      Tomomi Nakamura on 07 Jun 12
       
      It is an issue about money, which relates to the GDP of the country.
  • borrowing costs
    • Tomomi Nakamura
      Tomomi Nakamura on 07 Jun 12
       
      It may suggest problems with national debt or interest rates.
  • ...10 more annotations...
  • unemployment rates at devastating levels.
    • Tomomi Nakamura
      Tomomi Nakamura on 07 Jun 12
       
      Low unemployment rate is one of the macroeconomic objectives.  However, the unemployment rate is very high, and that is not good for the economy.
  • bad investments
    • Tomomi Nakamura
      Tomomi Nakamura on 07 Jun 12
       
      Investment is a factor that influences GDP in the equation AD=C+I+G+(X-M), and if there is bad investment, the I component will decrease, which will also decrease the GDP value.
  • When the economy collapsed in 2008, people lost their jobs -- and with them their homes.
    • Tomomi Nakamura
      Tomomi Nakamura on 07 Jun 12
       
      When people lose jobs, it will increase the unemployment of that country.  Houses are the most valuable objects that a person owns, and if they lose their homes it will have a huge impact on their lives.
  • strengthening the banking sector.
    • Tomomi Nakamura
      Tomomi Nakamura on 07 Jun 12
       
      They may be doing something to improve the economy's flow of money, debts, etc.
  • Spain also has an unemployment crisis, with more than half those under 24 out of work, and almost one in four people overall. Spain's jobless rate has helped pushed the eurozone's total unemployment rate to 11% -- its highest since the eurozone was created in 1999
    • Tomomi Nakamura
      Tomomi Nakamura on 07 Jun 12
       
      High unemployment has bad influence to the economy of Spain, which could also have an effect on other countries of the eurozone.
  • The situation in Spain is developing like a "perfect storm," with money being pulled out of the country, despite the desperate need to stem capital flight and support its banking system.
    • Tomomi Nakamura
      Tomomi Nakamura on 07 Jun 12
       
      Issues with the flow of money.  Leakage will lead to a decrease in economic growth.
  • This leaves Spain in a precarious financial state, driving investors away, pushing up its borrowing costs and making it more likely to need a bailout.
    • Tomomi Nakamura
      Tomomi Nakamura on 07 Jun 12
       
      There will be less investment which will decrease GDP, and if the country needs to borrow more money, their debt will continue to increase.
  • money being pulled out of the country
  • The retirement age has been raised from 65 to 67, while public sector wages and welfare payments have been cut.
    • Tomomi Nakamura
      Tomomi Nakamura on 07 Jun 12
       
      Raising the retirement age may decrease the number of people who are unemployed, but lowering the wages may be a disincentive to the workers.
  • Academics and financiers are also wading into the policy debate, with billionaire George Soros saying in a speech this month that the "wrong remedy" has been applied to the crisis. "You cannot reduce the debt burden by shrinking the economy, only by growing your way out of it," he said.
    • Tomomi Nakamura
      Tomomi Nakamura on 07 Jun 12
       
      Shrinking the economy is not good, and that may cause　more problems which will not help improve economic growth.
Emily Hoshi

The 86 million invisible unemployed - May. 3, 2012 - 1 views

money.cnn.com/...index.htm

shared by Emily Hoshi on 01 Jun 12 - No Cached
  • population growth
    • Emily Hoshi
      Emily Hoshi on 01 Jun 12
       
      :D?
  • labor force is now at its smallest size since the 1980s when compared to the broader working age population.
    • Ayaka Matsumura
      Ayaka Matsumura on 01 Jun 12
       
      One of the reasons to why there as an increase in unemployment.
    • Emily Hoshi
      Emily Hoshi on 01 Jun 12
       
      Two graphs with the unemployment in micro perspective graph and the boarder working age population (basically population graph of workers) graph to compare and analyze the effects 
  • Last year, 86 million Americans were not counted in the labor force because they didn't keep up a regular job search. Most of them were either under age 25 or over age 65.
    • Ayaka Matsumura
      Ayaka Matsumura on 01 Jun 12
       
      Could use the numbers and percentages to create a graph.
    • Emily Hoshi
      Emily Hoshi on 01 Jun 12
       
      This can be shown with unemployment in microeconomics perspective graph
  • ...11 more annotations...
  • that doesn't include the millions of nonworking adults who aren't even looking for a job anymore.
    • Ayaka Matsumura
      Ayaka Matsumura on 01 Jun 12
       
      Since unemployment is when a worker is willing and able to work at a given wage rate but there is no job (work) available, when they have given up to look for a job they are not counted in the unemployment rate anymore.
  • unemployment rate is falling
    • Ayaka Matsumura
      Ayaka Matsumura on 01 Jun 12
       
      Could show the unemployment fall on a graph.
  • A person is counted as part of the labor force if they have a job or have looked for one in the last four weeks.
    • Ayaka Matsumura
      Ayaka Matsumura on 01 Jun 12
       
      Definition
  • 63.6% of Americans over the age of 16 fell into that category
    • Ayaka Matsumura
      Ayaka Matsumura on 01 Jun 12
       
      Again, could use the statistics to show how it has hit a very low labour force participation rate.
  • Only people looking for work are considered officially unemployed.
    • Ayaka Matsumura
      Ayaka Matsumura on 01 Jun 12
       
      Again, definition of unemployment.
  • The unofficially unemployed
    • Ayaka Matsumura
      Ayaka Matsumura on 01 Jun 12
       
      It is not that the people who were unemployed were not looking for jobs at all.
  • weren't consistently looking for one
    • Ayaka Matsumura
      Ayaka Matsumura on 01 Jun 12
       
      The reason for them being "unofficially unemployed".
  • Older people, ages 65 and over, account for more than a third.
    • Ayaka Matsumura
      Ayaka Matsumura on 01 Jun 12
       
      They can live on either their savings or the money from the government. 
  • Young people between 16 and 24 make up another fifth.
    • Ayaka Matsumura
      Ayaka Matsumura on 01 Jun 12
       
      Off for education?
  • unemployed
    • Ayaka Matsumura
      Ayaka Matsumura on 01 Jun 12
       
      Types of unemployment: structural, frictional, cyclical, seasonal, natural rate
  • recession
Derek Schwung

BBC News - Spanish unemployment hits record 5.64 million - 0 views

www.bbc.co.uk/...business-17866382

shared by Derek Schwung on 31 May 12 - No Cached
    • Derek Schwung
      Derek Schwung on 31 May 12
       
      Current unemployment rates in Spain
  • Monday are expected to confirm that Spain has fallen back into recession.
    • Derek Schwung
      Derek Schwung on 31 May 12
       
      A result/consequence of the unemployment levels. 
  • ...17 more annotations...
  • 0.4% in first three months of this year, after shrinking by 0.3% in the final quarter of last year.
    • Derek Schwung
      Derek Schwung on 31 May 12
       
      Decrease in GDP is a cause for the high unemployment. 
  • Spanish retail sales were down 3.7% in March from the same point a year ago, the 21st month in row sales have fallen.
    • Derek Schwung
      Derek Schwung on 31 May 12
       
      Sales = consumer spending. Less consumer spending/confidence will result in a decrease in GDP
  • The rate has risen sharply since April 2007, when it stood at 7.9%.
    • Derek Schwung
      Derek Schwung on 31 May 12
       
      Comparison to what the unemployment figures before the recession. 
  • The new government has announced reforms to the labour market, including cutting back on severance pay and restricting i
  • nflation-linked salary increases, that it hopes will ease the problem.
    • Derek Schwung
      Derek Schwung on 31 May 12
       
      What spain is doing to remedy the unemployment. 
  • The government has also introduced drastic spending cuts designed to reduce its debt levels and meet deficit targets agreed with the European Union. These cuts are contributing to Spain's economic contraction.
    • Derek Schwung
      Derek Schwung on 31 May 12
       
      Even though government expenditure would increase the AD/GDP, which would result in more employment, Spain is being forced to reduce government spending. 
  • S&P predicts the Spanish economy will shrink by 1.5% this year, having previously forecast 0.3% growth.
    • Derek Schwung
      Derek Schwung on 31 May 12
       
      Large decrease in GDP 
  • "We believe that the new government has been front-loading and implementing a comprehensive set of structural reforms, which should support economic growth over the longer term," S&P said. "In particular, authorities have implemented a comprehensive reform of the Spanish labour market, which we believe could significantly reduce many of the existing structural rigidities and improve the flexibility in wage setting."
    • Derek Schwung
      Derek Schwung on 31 May 12
       
      Solutions to the problem by analysts. 
  • The yield on 10-year bonds rose to 5.96%, up from 5.81%, suggesting investors were becoming more wary of Spain's ability to repay its debts.
    • Derek Schwung
      Derek Schwung on 31 May 12
       
      Investors are also key in GDP, which would boost economy, but they are weary. 
Zhoushu Ziporyn

Fed Survey Shows Economy Growing Modestly - NYTimes.com - 0 views

www.nytimes.com/...-economy-growing-modestly.html

shared by Zhoushu Ziporyn on 07 Jun 12 - No Cached
    • Zhoushu Ziporyn
      Zhoushu Ziporyn on 07 Jun 12
       
      consumer spending did not go up as much.... consumer confidence low
    • Zhoushu Ziporyn
      Zhoushu Ziporyn on 07 Jun 12
       
      consumer spending did not go up as much.... consumer confidence low
    • Zhoushu Ziporyn
      Zhoushu Ziporyn on 07 Jun 12
       
      AD wont increase as much as C would not increase so much... AD=C+I+G+(X-M)
    • Zhoushu Ziporyn
      Zhoushu Ziporyn on 07 Jun 12
       
      hiring going up, demand for labor going up--- more people are hired, more income. More income, more consumption. All of these cause the AD curve to shift to the right, causing a growth in GDP.
    • Zhoushu Ziporyn
      Zhoushu Ziporyn on 07 Jun 12
       
      so the things i mentioned earlier is not quite the case here, as the wages have not increased much either it seems and so that would explain why it is only growing modestly when firms are hiring more
  • ...1 more annotation...
    • Zhoushu Ziporyn
      Zhoushu Ziporyn on 07 Jun 12
       
      the drop in price will shift the equilibrium downward, and since it is the supply side, the quantity would increase since the supply curve would shift to the right according to the price increase.
  • Zhoushu Ziporyn on 07 Jun 12
     
    A Federal Reserve survey found that the economy grew moderately in most regions of the country this spring and companies kept hiring. It was a hopeful sign after a spate of gloomy data released last week. The Fed survey showed growth in each of its 12 bank districts from April 3 through May 25.
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