This week’s economic news summary included looking at human capital from a health care and college perspective and at area codes as conspicuous consumption.
Called the middle class, the middle income population is actually the group that is shrinking when it moves up or down the income ladder.
Our everyday economics include consumption expenditures, Pigovian taxes, variable pricing,economies of scale, unskilled labor, national income and the money supply.
If they tried to include the work that moms and dads do at home, national income accounting statisticians would have a tough time quantifying unpaid work.
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.
Sometimes one graph can tell a whole story: A 4-minute animation can also convey a much bigger story. Looking at the same time period as our graph, Hans Rosling connects national income and health. National income closely relates to GDP since people receive…