Economics @ ITT

Drug prices to plummet in wave of expiring patents

Posted in economics by ittecon on July 25, 2011

The next 14 months will bring generic versions of seven of the worlds 20 best-selling drugs, including the top two: cholesterol fighter Lipitor and blood thinner Plavix.

via Drug prices to plummet in wave of expiring patents – Health – Health care – msnbc.com.

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The Fruits of Immigration

Posted in economics, Policy Issues by ittecon on July 12, 2011

A tough new law cracking down on illegal immigrants and those who hire or “harbor” them has created a severe shortage of agricultural labor in Georgia right at harvest time.

The fruits of immigration — Marginal Revolution.

Blacks Economic Gains Wiped out in Downturn

Posted in economics, Income Redistribution, macroeconomics, Policy Issues by ittecon on July 10, 2011

Economists say the Great Recession lasted from 2007 to 2009. In 2004, the median net worth of white households was $134,280, compared with $13,450 for black households, according to an analysis of Federal Reserve data by the Economic Policy Institute. By 2009, the median net worth for white households had fallen 24 percent to $97,860; the median black net worth had fallen 83 percent to $2,170, according to the EPI.

via Blacks economic gains wiped out in downturn – Business – Eye on the Economy – msnbc.com.

You think you’ve got a high cost of living?

Posted in economics, International Economics, macroeconomics by ittecon on July 9, 2011

Ending Minimum Wage Won’t Create Many Jobs

Posted in economics, employment, microeconomics, Policy Issues by ittecon on July 6, 2011

Republican Presidential candidate Michele Bachmann has soft-pedaled her opposition to the minimum wage law considerably since 2005, when she was quoted as saying, at a Minnesota State Senate hearing, “Literally, if we took away the minimum wage — if conceivably it was gone — we could potentially virtually wipe out unemployment completely because we would be able to offer jobs at whatever level.”

Ending minimum wage won’t create many jobs.

What’s wrong with this logic?