Economics @ ITT

It’s the Inequality, Stupid

Posted in Uncategorized by ittecon on February 23, 2011

An excellent infographics article on inequality in the United States

Re: It’s the Inequality, Stupid | Mother Jones.

 

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High GDP Means Economic Prosperity, or Does It?

Posted in economics, macroeconomics by ittecon on February 19, 2011

Economists traditionally use GDP to measure economic progress. If GDP is rising, the economy is good and the nation is moving forward. If GDP is falling, the economy is in trouble and the nation is losing ground. From a strictly numerical perspective, GDP provides an easy-to-follow indicator of economic health. From the perspective of a citizen living with the day-to-day realities of life, GDP can be rather misleading

High GDP Means Economic Prosperity, Or Does It?.

Would Shakespeare Have Survived US Copyright Law?

Posted in economics, Policy Issues, Regulation by ittecon on February 18, 2011

Shakespeare’s classics Romeo and Juliet, Othello, As You Like It and Measure for Measure, among others, were based on works of fiction published in the decades before Shakespeare’s career. They thus would have been illegal under current U.S. copyright law, which keeps works out of the public domain for 70 years after the death of the author, or a total of 95 years for works for hire. Copyright protection for decades after Shakespeare’s death would have had no impact on his ability to produce work and limited impact on his incentive to do so–while the inability to retell contemporary stories would have directly restricted his creativity.

FAIR Blog » Blog Archive » Would the Bard Have Survived U.S. Copyright Law?

Also reference Would the Bard Have Survived the Web?

State Democrats Absent for Vote as Wisconsin Budget Protests Swell

Posted in economics, Policy Issues by ittecon on February 17, 2011

The nation’s most visible budget battle was heavy on passion and light on attendance Thursday as Wisconsin wrangled over a bill that would strip teachers and other public employees of most of their collective bargaining rights and cut their benefits.

State Democrats absent for vote as Wisconsin budget protests swell – CNN.com.

The Social Security Program Needs to Be Shored Up

Posted in economics by ittecon on February 14, 2011

Social Security is the most successful social program in American history. It shouldn’t be privatized; its benefits shouldn’t be cut; and the retirement age shouldn’t be raised.

via Social Security: The program needs to be shored up, not dismantled – latimes.com.

Jobless Rate Drops as 200,000 Unemployed Workers Drop Out of Labor Force

Posted in economics, macroeconomics by ittecon on February 7, 2011

The U.S. official unemployment rate dipped to nine percent in January, but only 36,000 new jobs were added to the economy. The only reason the level dropped was because the number of unemployed workers who have given up looking for work rose by 200,000 to 2.8 million. These former workers are no longer considered part of the labor force and are not counted in the unemployment rate.

Jobless Rate Drops as 200,000 Unemployed Workers Drop Out of Labor Force.

Factories boom, but with few new workers

Posted in Uncategorized by ittecon on February 7, 2011

“In the old days, we had a $6 an-hour-guy who would hand-bend 300 bends an hour,” said Greenblatt. “Now we have guy who’s paid $22 an hour with the robots but he’s giving me 20,000 bends an hour. Do the math.”

via Factories boom, but with few new workers – Business – Stocks & economy – msnbc.com.

Norway tops list of worlds happiest countries

Posted in economics by ittecon on February 1, 2011

[H]appiness is much more than money. Its being healthy, free from pain, being able to take care of yourself. Its having good times with friends and family.

via Norway tops list of worlds happiest countries – Travel – Destination Travel – msnbc.com.