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David Card and Alan Krueger with a study on New Jersey and Philadelphia restaurant workers in 1994 and their subsequent studies on minimum wage increases show no negative effects on unemployment of increasing the minimum wage- More discussion on this topic as Minimum wage increases to $22 an hour in 2026 in NY and California. Indrajit Dube of U Massachusetts says it all depends on how far one goes in increasing the minimum wage. At some point maybe $30 a week it could lead to restaurants deciding not to hire more workers. At 45 hours a week for 48 weeks an employe in the fast food industry at $22 an hour would make $47,520, and at $30 would make $64,800. The poverty level is set at $33,000. The problem with these figures is that the cost of housing is so high and automobile costs have risen very fast in the last 5 years. Housing in New York and Los Angeles is very costly compared to states in the midwest, in the south, and other states. Card's and Krueger's, Dube's studies show that retention is higher employees are more motivated leading to higher restaurant and fast food sales, happier customers, that could lead to more employment not less. Some of this is intuitive and one does not need an economist to tell one that. When compared to Britain's economic and social philosopher Adam Smith much of the accepted wisdom of what Smith said is selective taking what one wants and leaving out the rest, as Lahart shows here about minimum wage. As Adam Smith was  a keen observer of the social sentiments of society which he considered very important for British society, and for British civilization to flourish. For this reason he supported higher wages and the betterment of the lower classes, as Britain's example to the world. Card received a Nobel prize in 2021 for his experiments including his paper on minimum wage in New Jersey and Philadelphia. ...

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Biden sends Yellen and Blinken to Beijing in April 2024 to meet with premier Li Qiang and foreign minister Wang Yi to improve relations with China. Xi says China and the US can work through their differences including on Taiwan. As tensions increase in Europe with Ukraine and with another election cycle in the US, it is essential that the US, China, India and the EU work though differences on Taiwan and the Indo-Pacific, and plan ahead for a future peace settlement in Ukraine with the support of all nations, especially ones with which the US and EU, have a strong trading and economic relationship. China needs export markets as its construction industry stalls and increases investment in manufacturing. The US continuing strong investment in manufacturing in the US, continuing to trade with China on a level playing field. Both sides have economic interests, and interests of the world to advance peaceful cooperation. 

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There were 500 resumes for a $13 an hour position as administrative assistant at a truck driver training school. The school at trucking company C.R. England, is in Burns Harbor, Indiana. Stacey Ross the head of recruiting found 300 applications in her email box, there was astack of resumes from the fax machine. A total of 500 people had applied for the job posted on Careerbuilder.com. Ms Block who had been unemployed for four months and was aformer accounts receivables manager at a company in Portage, Indiana, gets the job after filling out the application on the company website. The company tries to hire fair to middling talent and train them from within.

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Germany will provide Ukraine with $200 million for aid to internally displaced people. About 7 million people in Ukraine are internally displaced inside Ukraine. Most of the refugees are women, elderly and children. The internally displaced are in addition to the millions of people who are refugees in Poland and other countries.

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Kirkpatrick and El Shaikh give an account of the days and events leading to the ouster of president Morsi of Egypt in July 2013. Morsi and the Muslim Brotherhood forge an alliance with the military under Gen. Sissi, a younger officer open to working with the Muslim Brotherhood in power. Morsi is elected with the support of liberals and the military under Gen. Sissi against a Mubarak era candidate. Morsi wins with 51% of the vote, which liberals say would not be possible without their help. Morsi fails to form an inclusive government. His authoritarian tendencies from decades of working under a strictly hierarchical leadership in the Brotherhood, a personal style that does not take into account opposing views, and a lack of experience in democratic forms of governance where the opposition, the media and the judiciary, are important to balancing powers of the executive, lead to alienating liberal opinion and younger protesters who initiated the struggle against Mubarak. Gen. Sissi tries repeatedly to achieve a compromise including appointment of a new prime minister and cabinet but Morsi rejects all efforts, leading to the takeover by the military and appointment of the chief justice as president and ElBaradei, as prime minister....

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Merz popularity dips slightly as he brings up tough issues such as 4 days work weeks in Germany, Many working part time and CDU calling for restricting part time to workers giving care to elderly, childcare, and for education. The German welfare payments close to minimum wage was an issue in Germany but is declining in significance. Most significant today at 35% is the issue of social inequality. Taxes unfairly distributed at 13%, and the asylum seekers issue at 9% lower today by 2%. On the economy Merz pointed out that- "Prosperity cannot be maintained with a four-day work week and an exaggerated work-life balance." He also criticized the high number of sick leave days at 14.5 average days sick leave per employee per year. Polls in February 2026 show CDU at 26%, SPD at 15%, Greens at 12%, Left at 10%, AfD at 24%, FDP 3% BSW 3%. Popularity in Germany is highest for defense minister Pistorius and next comes foreign minister Wadephul. Merz is less popular but he is raising the tough issues and taking strong action compared to Merkel who was more interested in her personal popularity than what was good for Germany. Also not given credit for action is Merz removing constitutional brake on spending for investing in Germany's infrastructure and defense, and fixing problems left behind by Merkel who neglected infrastructure, digital economy, and defense. ...

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Republicans have a narrow majority in the House of Representatives 222 to 212 for Democrats. This means Republicans can only lose 4 members of their party in a vote when all members vote. Kevin McCarthy was not elected Speaker of the House after 4 days of voting as 20 Republicans oppose his nomination.

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Larger solar farms producing 30MW are part of the many solar power projects rejected in the UK in the last 5 years says this report in The Guardian. This would have cut an estimated 100 million pounds off of UK electricity bills says environmental group Green Alliance, enough renewable energy to power 147,000 homes.

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Eisinger says the Federal Reserve's staff plays an important role in regulatory reform. He quotes Cornell law professor, Robert Hockett, who says the general counsels tend to become more conservative over time and inclined to support the status quo. This makes required regulatory changes such as increasing the capital reserves at banks and reducing leverage more difficult. Eisinger describes the position of the U.S. Federal Reserve's general counsel, Scott Alvarez, on disclosure of lending by the Fed during the banking crisis, and on capital reserves, which veered more to the position of the banks which preferred less information be released and capital reserves be left at the 5% level than the 6% proposed by the FDIC and the Office of the Comptroller of the Currency. Comments by Alvarez in nonpublic hearings to Congressional staff members on May 18, 2012, about the JP Morgan London Whale trading losses, according to Eisinger, shows lack of awareness of the overall implications of the breakdown in financial controls and supervision inside the bank....

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From free parkruns to walks and biking- ways to get fit at little cost.

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New GI Bill taking effect August 2009, has not received much attention but it will help bring more equity into the system and provide better opportunities for university education to those who serve in the armed forces and thus help increase mobility in the USA, with those previously unable to afford an education or restricted to small community colleges able to take advantage of the best opportunties they can work hard for and use their potential and abilities. It makes for a more educated and effective military as young people with high school diplomas are more likely to take advantage of military service for 3 years to get a good university education. So its quite probable that more people and better and more intelligent and able recruits would join the military service at the same time that some of the military recruits who have already served three years go to colleges to take advantage of the new GI Bill. It costs the military $5.7 billion in incentives and other recruitment costs to meet the demand for service personnel over the next 5 years, but this can now be used towards the cost of the GI Bill. Also there is some fairness and equity in the idea of the GI Bill, and something that would appeal to candidates like Obama who believes that the income gaps in the country and the educational gaps in the country between the affluent and the those struggling at the lower end of the class structure has widened considerably in the last two decades. See Obama's interview with the WSJ on June 17, 2008, during his visit to Flint, Michigan, for an economic theme speech. Previously the educational assistance went upto only $39,000 and could not be passed onto a spouse or child, something that candidate MCain added to the bill. It also includes a monthly stipend for living expenses in addition to the tution, so its fair and generous program for GI's, and may bring some of the benefits in bringing mobility between the classes and new infusion of energy through a more equitable system for young people who may otherwise be left out of opportunities for a better education and better job opportunities even after risking their lives for service. Getting in the brighter more motivated for education people who otherwise might not opt for the military who then pursue higher education will help the miltary improve quality of personnel and help bring more dynamism into society with their energy and enthusuasm and hard work and discipline....

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The world of video games has changed since Nintendo brought out its first video game. It is not likely to recover its earlier momentum.

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The lack of vaccine supplies is affecting countries such as the Philippines, Bangladesh, Brazil and Mexico as cases rise. Porto Alegre and Manila are being hit particularly hard.

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Mitt Romney describes his experiences with different companies he worked with at Bain Capital and how he would use that experience in his job as President. One approach he emphasizes is proactive problem solving and tackling problems early.

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Philippe Varin faces some tough decisions when he takes over Peugeot-Citroen. Unlike the turnaroungd he achieved at Corus steel group where the booming demand from China for steel helped, this time the auto market in Europe is declining by about 30%. He has to navigate betwen the interests of the Peugeot family which has 45% of the voting rights, employees who are affected by the cost cutting, the French government which has required no closing of factories for as long as the company receives governement aid. Peugeot-Citroen received a low interest loan of 3 billion euros from the French government. Questions he will have to address, as do all auto manufacturers in the USA and Europe relate to overcapacity as demand declines. And for Peugeot this has to be tackled without factory closures. And the other major issue facing auto manufacturers worldwide is how much to focus on the fuel efficient small car segment. Peugeot has key strengths in this segment and Varin may decide on refocussing on this segment....

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King Charles of Britain is a strong supporter of action against climate change from a young age. Here NYT comments on the odd situation of the Queen's Speech in 2023 in which the King announces the legislative priorities of the government in a speech to parliament. In this case he announced the expansion of oil drilling in the North Sea under the Tory government of Rishi Sunak. Mr Starmer leader of the Labor Party says the Tories under Sunak are doing this because -"they see our country's problems as something to be exploited, not solved." Trailing Labour badly the Conservatives and Sunak are trying to win support by weakening environmental measures by delaying a ban on gasoline cars and lowering targets for replacing gas boilers.

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The world's longest lockdown- 246 days in the city of Melbourne, Australia. Melbourne overtakes Buenos Aires as the city with the most cumulative days with stay at home orders. In Melbourne 66% of the population is fully vaccinated, and in Australia 60%.

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As farm product rotted on farms because of a lack of buyers, India has come up with new ways of getting farm agricultural product to buyers in urban areas. The Indian government has approved online sales direct from farmers to buyers outside the country. Within the country enterprising farmers  and app developers for farm produce sales directly to consumers in cities are changing the way agricultural produce distribution works. This report in the Guardian shows how sales are being made from remote Meghalaya state to buyers in cities for product ranging from turmeric, pineapple, jackfruit, and cashew. Prices are about 70% higher helping boost farmers incomes.  Several states have relaxed rules allowing farmers to sell anywhere in the country.  In other parts of the country this is happening with a proliferation of such apps creating a virtual marketplace. Other examples are a grape orchard farm in Gudahalli with sales made in Bengaluru at 30 apartment complexes. One site founder in Chandigarh says he has in 2 months sold 20,000 tons of produce ranging from avocados of the Nilgiris to papaya from Chattisgarh. His app Harvesting Farmer Network also helps with packaging and delivery. In other developments Gaia Agritech is helping farmers on the Konkan coast in Maharashtra hit hard by a pause in exports, sell to housing societies in Pune and Mumbai. This is part of a broader debate in India after coronavirus pandemic. One idea is that people have a family farmer just like they have a family doctor, encouraging organic agriculture, fresh produce for healthier living. By helping farmers it makes for a better economy, as about a sixth of India's GDP comes from farmers and most of the jobs are in farming and agricultural economy. ...

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Late flights and delays at airports and traffic jams in the sky, al problems faced by airlines in 2007, with a deteriotrating flying experience for most passengers.

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In its performance review for Pakistan the IMF says growth estimate is 2.8% for 2014. The IMF sees a poor outlook for the balance of payments situaion, and has raised the issue of critically low foreign exchange reserves. Inflation is increasing and is at about 11%. Foreign currency reserves have declined from over $6 billion in 2013 to less than $4 billion. Yaseen Anwar resigned as head of Pakistan's central bank in Jan 2014, as Pakistan begins its second quarterly review with the IMF representatives in Dubai. The IMF has only released $1.1 billion from a $6.7 billion bailout in Sept. 2013. The quarterly reviews are designed to see that Pakistan meets the bailout conditions. The new administration of prime minister Nawaz Sharif is making an effort to bring the security situation under control in Karachi and other cities to generate business confidence and expansion.

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Workmen are busy installing many miles of bicycle lanes in Paris and its suburbs, as French people shift to more frequent use of bicycles to get to work and to go outside.

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Concern about the spread of the pandemic in the U.S. with the upcoming Thanksgiving holiday and travel to visit family and friends. Seen from Australia and other countries American fatigue with staying at home is cause for concern. Yet this is not entirely American as governments in France plan to have a phased reopening by Christmas, with phase 2 partial lifting of restrictions of the lockdown on December 15. Austria has turned down German requests to close Austrian ski resorts that have cause spread in Europe. The Swiss have also kept ski resorts open. During the summer Croatia and parts of Spain kept open tourist spots to help the economy recover creating the conditions for spread as tourists went back home. 

Beyond this there a complex web of choices. From mental health to hospitals filling up, from jobs and income for service workers to people in nursing homes, all calling for different responses. 

 

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A third of the rail lines operate late with trains not reaching on time in Britain. This some say shows that privatization has failed. Such delays are accepted in the way privatization is organized in Britain because the rail lines make the same revenues whether they run late or on time. Rail lines look to be incentivized to operate on time, a strange proposition because operating on time is part of running an efficient rail system.The Labour Party plans to nationalize the railways. France and Germany have the largest rail network in Europe, which is operated by state owned SNCF in France and Deutsche Bahn in Germany. Public ownership of railways is not new for European countries even though it is presented as a radical idea in Britain. Rail has to be run efficiently which is possible under state ownership for a public service as it is in major European countries.