Phasing in a no-tipping policy, Danny Meyer will eliminate tipping decisions, raise prices, change server pay and increase what the kitchen staff earns.
Our economic news summary ranges from elasticity and a Berkeley soda tax to the minimum wage and the cost of living, to the power of the market and ivory.
Comparing median and minimum wage and looking at how the cost of living varies, we can see that the wisdom of a $15 minimum wage hike depends on location.
Our everyday economics includes wages, externalities, productivity, income, tradeoff, taxes, fiscal policy, gender, human capital and comparative advantage.
A minimum wage hike causes labor intensive fast food restaurants to exit the market, capital intensive restaurants to enter and the number of jobs to drop.
Economic research on the impact of a higher minimum wage on employment provides no clear answers. Economists on each side say opposing research is flawed.
This week’s everyday economics stories included minimum wage, price floors, cost-benefit analysis, behavioral economics, financial regulation and public goods.
A controversial policy that dates back to 1938, the nominal federal minimum wage has increased from $.25 to $7.25 and is higher in many states and cities.
Half of the Valley Fair Mall is in Santa Clara, CA while the other half is in San Jose. Because San Jose has a minimum wage of $10.15 while Santa Clara’s is $8.00, the stores at the mall have a problem. Minimum…
econlife®
Connecting economics with everyday life.
Located at the intersection of current events, history, and economics, econlife® slices away all of the layers that make economics boring and complex. We like economics and we would like for you to like it too.
