As the world continues to fight the coronavirus and search for a cure, a storyline that has gone under the radar has been the virus’s impact on the global economy. Tourism and travel industries are among the obvious that will be impacted, but the virus’s economic impact will be much more far-reaching and the Chinese economy may feel its impact for months to come. Continue reading How the Coronavirus Will Affect the Chinese Economy
Category: Economics
The Government Should Entertain the Idea of Raising the Minimum Wage
For a century, Washington DC has debated over implementing and subsequently raising the minimum wage. Today, the dispute rages on with Congress currently debating establishing a $15 federal minimum wage. Democrats argue that increasing the minimum wage would help the lower class by increasing real wages across the board and lift many out of poverty. Republicans, on the other hand, continue to be against raising the price floor on the labor market, arguing that a minimum wage increase would raise unemployment citing basic economic theory as the basis of their argument. However, with the state of the current economy, Republicans talking points are no longer holding up and it may be time for the government to reconsider minimum wage legislation on both a federal and local level. Continue reading The Government Should Entertain the Idea of Raising the Minimum Wage
Consumers Will Win Streaming Wars
Much of the focus of the imminent streaming war has been on consumers. Many believe consumers will be caught in the crossfire citing that the emergence of additional firms in the industry will minimize the amount of content a consumer can watch with one service, forcing the consumer to pay for multiple services rather than one or stick with a service that will have less content to offer than what the likes of Netflix, Hulu, and Amazon had just a few years ago. Consumers, they argue, will also see prices of individual subscriptions increase to pay for the production of more original content, pointing to Netflix’s recent price increase as evidence for this speculation. This school of thought has become highly popularized in the media with many uneasy about the future costs of streaming and speculating that in the future, consumers will have to pay more for less content as the upcoming streaming war progresses. However, despite the popularization of this argument, the notion that prices will increase as a direct result of the streaming wars is ill-founded. Not only will companies be forced to lower prices to compete in this crowded marketplace, but they will also be forced to produce original content without raising prices on consumers, contrary to popular thought. Continue reading Consumers Will Win Streaming Wars
The Green New Deal’s Real Problem
Most concede that a Green New Deal would be an economic disaster. Achieving 100% renewable energies alone would cost an estimated $2.9 trillion, nearly a full year’s tax revenue. Despite these economic shortcomings, though, public support only continues to grow, with supporters citing its ability to mitigate climate change as more than enough justification for backing the deal. Realistically, the deal fails at addressing its intended goal of fighting climate change and overall, represents a misguided way to tackle climate change. Continue reading The Green New Deal’s Real Problem
The Case for Legalized Marijuana
With neighboring Canada and individual states such as California and Colorado legalizing marijuana, the fight for recreational marijuana legalization has become a highly contentious topic. However, when reviewing both sides of the debate the choice becomes clear. Long term, legalizing marijuana can be the most beneficial option for the United States.