Author Archives: Matthew Moreno

Fast Food Wages Part II

Posted on by — 2 Comments ↓

This post is a follow up to Tom’s contribution on November 5th about “Why Fast Food Wages Really Matter,” where he pointed out that “over 50% of fast food workers are enrolled in at least one public assistance program.” A few months ago, McDonald’s—the prototypical fast food industry player—posted some advice to employees on their website: “If you’re hungry, break your food into pieces. You’ll eat less and still feel full.” In the same vein, McDonald’s has also encouraged employees to consider food stamps to supplement their pay. These observations raise Tom’s question all over again: “Is that really worth Continue reading Fast Food Wages Part II→

Fantasy Economics

Posted on by — No Comments ↓

Bored with your fantasy football league? Ever considered switching its basis in sport out for something more exciting, like economics? This not-so-common fantasy of fantasy economics turns out to be a reality. It’s called the IDEAS Fantasy League  The league functions just like a fantasy football league except that instead of simulating a sports franchise, the league “allows you to pretend you are at the helm of an economics department.” The goal is essentially to stuff your team with economists whose publications receive the most attention: downloads, abstract views, and citations in other publications. Some interesting nuggets from the rules of Continue reading Fantasy Economics→

BLS and CPI: Measuring Inflation

Posted on by — No Comments ↓

For the unfamiliar, I’ll open with a quick and rudimentary explanation of the term inflation. Economists define it as a measure of changes in the purchasing power of a dollar. Inflation occurs when prices for goods and services increase across the board; almost everything—from hotdogs at baseball games to boxes of pencils—becomes more expensive. Many complex factors interact to affect inflation, but this post will focus on quantifying it, a tricky matter itself. The Bureau of Labor and Statistics (BLS)—a federal agency—works hard to estimate it with their Consumer Price Index (CPI). Their approach centers on a shopping basket, or Continue reading BLS and CPI: Measuring Inflation→

Bringing Perfect Competition to Life

Posted on by — No Comments ↓

Agriculture serves as a perennial example of a perfectly competitive market. This type of market trades in a homogenous product, which means one producer’s output cannot be easily distinguished from another’s. Additionally, a perfectly competitive market has low barriers to entry/exit; beginning or ending production must be cheap and quick. Also, a large set of buyers and sellers participate in these markets, so individual players cannot move the market. Ideal agriculture meets all these criteria: one sack of potatoes is essentially the same as any other, planting decisions are often flexible, and crop markets are mostly well populated. Last semester Continue reading Bringing Perfect Competition to Life→

Fed Chair Zero Bound

Posted on by — No Comments ↓

Janet Yellen—recently nominated to be the next Chairperson the Federal Reserve—is certainly breaking new ground. If her nomination is confirmed by the senate, she will be the first woman to lead the institution in its history. Her likely rise is especially significant in the field of central banking. According to CNN,12 of the world’s 160 central banks, only about 6%, had female governors last year. But although her gender shatters the historical norm of Fed chairs, she also carries on a curious pattern in that office—through her stature. It seems that our head central bankers keep getting smaller and smaller. Paul Continue reading Fed Chair Zero Bound→

A Major Decision

Posted on by — 1 Comment ↓

Registration and advising appointments for second semester are on the docket here at Puget Sound. In fact, I just signed up for one myself. I expect to discuss what classes I want to take next semester and how they fit into my overall academic plan. We will probably touch on my intended major and make sure I’m still on track to achieve it. In discussing my academic plan, I expect to be asked about how well I am doing in my classes and how much I enjoy them. This is how the discussion went in September. And also, judging from Continue reading A Major Decision→

Nobel Su-Prize

Posted on by — No Comments ↓

Compared to other fields, economics certainly has its fair share of controversy, and maybe a little bit more. As a fledgling freshman in Econ 170, I am surprised by how many statements my professor prefaces with the disclaimer “most economists would agree that…”. On the political stage, consensus on what should seem general economic “fact”–budget figures, growth rates, etc.—often seems fleeting at best and nonexistent at worst. While dissension doubtlessly underlies any healthy debate, quarrelsomeness and vehemence can detract. Proper balance between controversy and courtesy lays the foundation for a more fruitful dialogue. An article from the NPR Planet Money blog about Continue reading Nobel Su-Prize→