/econ/ - Economics

http://www.nytimes.com/2015/02/20/business/walmart-q4-earnings.html?_r=0

Buffeted by a tightening job market, high employee turnover and scrutiny of its labor practices, Walmart, the largest private employer in the country, said on Thursday that it would increase wages for a half-million employees.

The retail giant, which for years has been the target of widespread criticism over its low pay structure and increasing reliance on part-time workers, said that all of its United States workers would earn at least $9 an hour by April.

While the company said about 40 percent of its work force, or 500,000 people including those at the wholesale Sam’s Club outlets, would be affected, many of those raises will amount to much less than a dollar an hour more. A mere 6,000 employees receive the federal minimum of $7.25 an hour. Its part-time force already earns an average wage of $9.48, and full-timers an average of $12.85.
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In November 2013, Pedro Taverna took part in a protest for better wages outside a Walmart in Los Angeles.
Income Inequality: As Walmart Gives Raises, Other Employers May Have to Go Above Minimum WageFEB. 19, 2015
Protesters outside a Walmart in Washington were among the thousands who demonstrated against the retailer on Friday.
On Black Friday, Walmart Is Pressed for Wage IncreasesNOV. 28, 2014
Customers at a Walmart in Qingdao, China. Net sales at Walmart’s international business grew 1.7 percent in the last quarter.
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http://rt.com/usa/238697-americans-labor-jobs-report/
pic not related

The number of Americans aged 16 and older not participating in the labor force hit 92,898,000 in February, tying December’s record, according to data released by the Bureau of Labor Statistics (BLS).

Over the longer trend, the labor force participation rate was between 62.9 percent and 62.7 percent from April 2014 through February, and has been hovering around 62.9 percent or lower in 13 of the 17 months since October 2013, the BLS data revealed.

To put it another way, when President Obama took office in January 2009, there were 80,529,000 Americans who were not participating in the workforce, which means that 12,369,000 US citizens have left the workforce since then.

>inb4 "how do I bitcoin mining?"

This is something else:
I sort of understand the basics of the Bitcoin system from the monetary view point, but I would really want to know more about it. Any econ lurker willing to take me deeper (no homo) into the Bitcoin scheme? pleasethankyou.

I have 3 specific questions:

1. How come the federal government doesn't crack down on it? Isn't it counterfeit money? Like the liberty dollar? Yay or nay, why?

2.How do people calculate Bitcoin parity? Being deregulated and marginally used, how are the ups and downs on its value calculated?

3. Is it only me or the whole thing seems extremely fishy?

Hey guys, looking for some advice on future stuff. I was looking into investment banking, because of the cash, but then i realized the hourly is piss poor because you're typically working 100 hour weeks and i'm not into that. I have no motivation for a job, main goal is money and i seem to pick up things quickly so i can probably migrate to something better. My college is paid for thanks to my psychiatrist grandfather so if you had a choice to be anything you wanted to be, what would it be? (Ithaca is most likely the college i'm going to, so if that helps with the job search i figured id include it) (also, sorry this is poorly written, house of cards is distracting me)

This board has so much potential and yet it's completely dead

Can we start advertising on /pol/ /news+/ etc? because I think this could be really great

Congratz on the 100 posts anons. Keep the economy stronk .

According to the official poverty measure, the states with the highest percentage of people in poverty in the 2011-2013 period were:

1. New Mexico: 21.5%
2. Mississippi: 20.7%
3. Louisiana: 20.6%
4. Arizona: 18.9%
5. Arkansas: 18.7%
6. Kentucky: 18.1%
7. Tennessee: 17.8%
8. Georgia: 17.6%
9. West Virginia: 17.4%
10. South Carolina: 17.3%

The regions with the highest percentage of people in poverty, regions being defined by the U.S census Bureau, are:

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You won a free ticket to see a Beatles concert (which has no resale value). The Rolling Stones are performing on the same night and is your next-best alternative activity. Tickets to see the Rolling Stones cost $40. On any given day, you would be willing to pay up to $50 to see Rolling Stones. Assume there are no other costs of seeing either performer. Based on this information, what is the opportunity cost of seeing the Beatles?

A) $0

B) $10

C) $40

D) $50

Keep in mind, even real economists get this question wrong. I changed the name of the bands playing so you can't easily look up the answer.

I was gonna do these later in the week, but I decided to go ahead and experiment with /pol/ style flags. I will continue to keep the flags unless I feel they cause threads to become to circlejerky or lower thread quality in some other way. If you wanna suggest a new flag, do so in this thread or in the Meta thread.

Also, thanks to the anon on >>>/boards/ who made pic-related so I wouldn't have to go hunting for flags on google images.

Do you faggots even economy?

https://www.youtube.com/watch?v=cUTLCDBONok

>Modern Monetary Theory vs. Austrian School Debate

Austridork gets his buttslaped

What does /econ/ think of Worker Co-ops?

Post stuff about random retards failing to understand the economy.

Pic here is of a Portlander saying the city should put price controls on Uber and taxi services. He also believes that there is a libertarian elite trying to infect the city and his friend says that Portland needs real leftists in their government.