Thursday, January 5, 2017

Speeding Laws

By Joe Westenberger
There are various laws that people view as pointless. These laws were established for a reason, but most people disagree with these laws. There’s quite a few of pointless laws, such as jaywalking, changing lanes before an intersection, etcetera. When I think of a pointless law, I think of this one; modifying your own car. As of February 8th, 2016, President Obama approved a bill against citizens modifying their own cars. This has been causing problems and disagreements for the car community, because of all the money people have invested into their cars.
Although there are people against this law, it makes some sort of sense. The older generations don’t want these young adolescents and adults ripping their roads up in their race cars. Understandable, so why isn’t there a law for going 10 under the speed limit, obstructing traffic? This is incredibly frustrating, especially when you need to get somewhere in a hurry. Why shouldn’t they be required to take a drivers test when they turn 75 or 80? That might sound a little ridiculous, but so does the fact that people with modified cars getting tickets, and even sometimes getting their car taken away.
In an economic standpoint, it also doesn’t make sense to ban aftermarket or racing parts for vehicles. There are hundreds of specialty companies that make racing and off road use parts for cars and trucks, let alone, all of the specialty shops with their main purpose being performance oriented servicing. There have already been thousands of jobs lost over this ban increasing the unemployment rate, and a ton more to come. The racing industry is giant, and it was just getting started.
Fast forward to july of 2016, After all these car enthusiasts became concerned about these new laws and driving their illegally modified cars, they got together to form an act against this called RPM (recognizing the protection of motorsports). This group of people created this, to protect their rights of their modified cars. Since this was created, DRAGG (drag racing against gangs and graffiti) was created, by police, to stop the violence on the streets. Organizations like DRAGG are beneficial in the car community in the way people look at racing and modified cars.
After all, on Thursday, August 23rd of this year, the EPA finally abandoned their law stating that it did not have a benefit to the EPA’s emissions goals. This was expected because of the opportunity cost that this would have had (long term) on the big automotive performance companies and the overall impact on the economy. Yes, there are some cons to having race cars ripping down the streets at two in the morning, but in this case, the negative externalities were overruled by the organizations like RPM.

Tuesday, January 3, 2017

New Times Square with New Economy

New Times Square with New Economy
By Madhuri Podugu
After a long time, we all made it to our new year, 2017! But if we rewind our memories to New Year’s Eve weekend, we should be realizing that we spent most of the day by counting hours and minutes. In fact, it could be the only day of the year when we take the time to count!. It was also the day when New York City became host to the world’s premiere New Year’s Eve celebrations, with festive ways, including the Rockin Eve’ performances and the iconic ball drop in Times Square. Each place like New Year’s Eve Wishing Wall and Madame Tussauds, showed their uniqueness to impress the expectant visitors and New Yorkers. So altogether, Times Square is a dynamic place, filled with fantasies, but is it true for retailers at Times Square? Of course, many companies gain a lot of profits but are they gaining in a right way?

Even though Times Square comprises only 0.1% of New York City’s total land area, its Alliance reports shows that it is responsible for generating $110 billion revenue for the city. Tim Tompkins, President of the Times Square Alliance, said that, “ While finance, insurance, and banking markets contracted, slowing the City’s economy overall, the growth in areas like entertainment, hospitality and tourism reminds us of the value of investing in the travel and tourism sectors”. Time Square supports a total of 385,000 jobs and during New Year's Eve, it gives a great opportunity for companies to hire more jobs, so that they could expand their capacity for customers. On the other side, companies and restaurants take the advantage of this opportunity and price discriminate their products. It can be seen through a regular weeknight restaurant, Olive Garden, charged $400 per person for a buffet and a DJ. Hotel Marriott charged a small guest room starting from $999 and charged the New Year’s Eve seating for $3000. Retailers like Olive Garden, intentionally modified their original product and convinced many consumers on the fact that their product/deal is the best one. There would be no decrease in demand for these companies because they know that many people are willing to pay their high price. In addition, Times Square retailers start to derive popularity before New Year’s Eve, through hundreds of daily advertisements on pedestrians passing through the square. These advertisements not only evoke consumers to attend the New Year’s Eve but they indirectly generate revenue for the city and the retailers.      

Since, we know what really the Times Square looks like. If you are planning to attend next New Year’s Eve, think about how much money you are going to save and how much you are going to give up to enjoy the bustling celebration?

Happy New Year!


NYC.PNG

Works Cited
"NYC & COMPANY INVITES VISITORS TO RING IN THE NEW YEAR IN NEW YORK CITY." Nycgo.com. Web. 26 Dec. 2016.
Network, Mary Bowerman. "Olive Garden in Times Square Charging $400 for New Year's Eve Tickets." USA Today. Gannett Satellite Information Network, 29 Dec. 2015. Web. 26 Dec. 2016.
"New Report on Economic Impact of Times Square Finds District a Steady Growth Engine for NYC." Times Square Alliance : New Report on Economic Impact of Times Square Finds District a Steady Growth Engine for NYC. Web. 26 Dec. 2016.
"New York Marriott Marquis." Hotels In Times Square For New Year's Eve | Marriott. Web. 26 Dec. 2016.

Illegal Immigration Effect on the USA’s Economy, and Potential Future Changes

Illegal Immigration Effect on the USA’s Economy, and Potential Future Changes

By Tommy Manbeck.

In the united states, we have a high level of illegal immigration which is utilized as cheap labor, sometimes as low as under $2 an hour. After years of little to no change in policy, in the coming months, our new leader Donald Trump plans to change the way United States immigration functions all together. Although widely disputed how this issue should be dealt with, It would be far more efficient for the united states to require all immigrants to enter the country legally.

It is clear that immigrants create an economic surplus that benefits the native people by receiving a lower wage. (see Graph below), but should come into the country legally. By entering legally, the immigrants will have to pay a 12% income tax according to the Trump tax policy, as long as they earn under $75000 as a family. However, will then be able to successfully integrate into the american population seamlessly, both protecting current legal immigrant workers ability to succeed in America, as well as a better the quality of life when coming to the country.
The number of illegal immigrants In theory, will decrease in the near future with the coming construction of a wall along the border of the USA and Mexico. According to Trump, the wall will be fully funded by Mexico via utilizing the leverage we have. These leverage points include a sum of 24 billion crossing the border annually from alien wire transfers, and if mexico doesn't cooperate fronting 10 billion could be easily extinguished. If Mexico still will not pay, the USA can instead increase the cost of a US VISA, or border cards which over 1 million are issued each year.

According to Alan Gomez, “While they represent just 3.5% of the U.S. population, undocumented immigrants represented 7% of federal prison sentences following convictions on charges of sexual abuse, 9% of murders, 12% of assaults and 30% of kidnappings in 2013”.  These numbers not only represent a major issue with the safety of americans, but the cost to taxpayers is over 30 grand per year, per inmate. The fact each inmate is so expensive in a U.S. prison is the opportunity cost of having such things as cheap agriculture, hotels and other various manual labors.

Looking at the information of how the U.S.A.’s economy is affected by illegal aliens, it cannot be determined whether they are a positive or negative influence. However a clear line can be drawn illegal immigration is bad for legal immigrants, as well as national sovereignty. In the coming years there will likely be a large scale reform on the immigration process with the election of Mr. Trump, which will redefine the United States economy for years to come, lowering wage discrimination and decreasing illegal immigration.

Works Cited

Davidson, Adam. Do Illegal Immigrants Actually Hurt the U.S. Economy?. New York Times, 12 Feb. 2016, http://www.nytimes.com/2013/02/17/magazine/do-illegal-immigrants-actually-hurt-the-us-economy.html.

Trump, Donald. Pay For the Wall. donaldjtrump.com, https://assets.donaldjtrump.com/Pay_for_the_Wall.pdf.

Trump, Donald. Tax Plan. donaldjtrump.com, https://www.donaldjtrump.com/policies/tax-plan/.

Zaretsky, Adam. A Burden to America? Immigration and the Economy. 1997, Stlouisfed.org, https://www.stlouisfed.org/publications/regional-economist/october-1997/a-burden-to-america-immigration-and-the-economy.

Thursday, December 22, 2016

Social Media's Affection

Starline Kitalong

Social Media’s affection
Social media is supposed to be entertaining and performing positive communications between friends and families and not taking away any family time. As we all know holidays are coming up so families are planning on get together and spend time together but social media can affect the bond between the families. Although this can affect the families it could also have a huge impact on Businesses, Politics, and just seclusion itself. Many people have experienced bad relationships with their families due to social media and how it has affect the economy. According to Jenny,she said, “Net savvy companies are using social media to advertise their products, build customer loyalty and many other functions. Interactions and feedback from customers help businesses to understand the market, and fine-tune their products and strategies. Many firms organize contests and give away prizes to enthuse consumers to visit their social website page more often. Compared to television advertisements and other expensive forms of marketing, social media presence is a cheap and effective means to enhance brand image and popularity” (Jenny). Although families wanna spend their time together around this time of year, companies and businesses also wants to increase their supply around this special holidays were mostly everyone celebrate so consumers could increase their demand for their product.

The graph above shows how much/which social medias are being used the most so the companies could advertise their product on that specific social media. The huge problem about social media is that families are getting together to spend time together but social medias are taking their time away from each other. This will only benefit the businesses and companies because of their advertisements, on the other hand people who are using social medias are not interacting with their own family instead they rather read statuses or scrolling down on instagram liking each others pictures. The increase use of social media would increase the quantity demand which will also increase the quantity supply.

Finally social media has its advantage and disadvantage, it could benefit the companies and businesses but on the other hand it could be a drawback when it comes to families, when they have a family time. Even though this writing is about how social media's could affect the families, companies and businesses, it can also affect productivity and politics. Overall social media’s has a huge impact on the economy.


"What Impact Has Social Media Truly Had On Society." Business 2 Community. N.p., n.d. Web. 20 Dec. 2016.

    The AgencyLogic Blog. N.p., n.d. Web. 20 Dec. 2016.

Music Festivals and the Economy

Music Festivals and the Economy
By Sophia Buss
I’m sure that most of you have heard of different music festivals that go on throughout the year; EDC (Electric Daisy Carnival), Electric Forest, Summer Camp, Winter Warmer and so on. These events have always been known as something fun and carefree to go do with a group of friends. Almost like- really intense, extended camping. But have you ever thought about the effects all these events have on the economy? If they’re positive effects or negative effects?
So it turns out that there are even greater benefits to music festivals than feeling free and letting loose for about a week... It’s actually a great boost for the economy! Most festival goers have to do a decent amount of traveling to get to whatever event they’re attending. When traveling around similar to a vacation- people tend to spend their money as if they’re on vacation. Local firms, restaurants and hotels have claimed to see the rise in their sales while festivals are going on near by. Not only do the festivals benefit locals, but it also creates jobs. The equivalent of about 25,000 full-time jobs were created. Insomniac, a dance-music promoter, has 48 events that have supported some $180 million in taxes for state and local governments. Though a couple billion dollars may not seem to be very much in comparison to America’s gross domestic product- GDP (that totals above $16 trillion) it’s pretty impressive for a mass amount of kids running around and dancing in an enchanted forest covered head to toe in glitter and dirt- it’s quite the sight.  
Music festivals have improved and evolved since the early 1990’s and could now be considered to be stable businesses- promoting “buying sprees” to festival goers. It is a possibility that these events are becoming more and more popular not only because they’re obviously fun, but they can also greatly increase consumption and generate jobs.
One of the only disadvantages to having these events are that sometimes the local residents complain about noise or crowds beginning to get too “rowdy”. But after going over all of the benefits of festivals and seeing that this is the biggest downfall, why not continue to let the festival community grow and expand? Let loose, have some fun and give the economy a little boost!
Cited Sources

@bizjournalism. "Entertaining Business: The Impact Of Music Festivals." Reynolds Center. N.p., 21 Mar. 2016. Web. 22 Dec. 2016.
Shah, Neil. "How Music Festivals Pump Billions into the U.S. Economy." The Wall Street Journal. Dow Jones & Company, 31 July 2015. Web. 22 Dec. 2016.
"New York's Classical Music Radio Station." WQXR. N.p., n.d. Web. 22 Dec. 2016.


The Economy of Memes


Nick Sallman
Mr. Reuter
Economics
20 Dec. 2016

The Economy of Memes
The definition of Meme or memes is  “an element of a culture or system of behavior that may be considered to be passed from one individual to another by nongenetic means, especially imitation. a humorous image, video, piece of text, etc. that is copied (often with slight variations) and spread rapidly by Internet users” (Google Dictionary). The popular memes are changing frequently as Demand for new memes increase the supply of new memes flow strongly. A popular location to view memes in social media where you can typically find thousands of memes per day. Recently the trending meme has been the Bee Movie where the joke is the entire bee movie but with a twist. This is another meme over here ----> where the Rock is displayed several times buttoning his sleeve. Memes typically don’t involve logic they just have some sort of pun or joke hence the bee movie taking all the fame. Another meme that has been very popular is one that most know and love that is sadly beginning to die. This meme is known as Harambe. Harambe was a gorilla that died because of a parent that let their child fall into the gorilla exhibit at Cincinnati zoo. These memes are not so much jokes, these ones serve as a tribute to our Harambe. Harambe memes are one of the most popular memes I have seen and one of the most long lasting starting On May 28th, 2016 the day of Harambe’s passing. This day meme artists took the opportunity cost to create Harambe memes in honor of the Fallen Harambe. While I understand the Harambe is sad for many lovers of nature out there it has been about 7 months since his passing and he’s still managing to make it on to popular meme pages if this isn’t dedication to honoring a fallen Harambe then I’m not sure what is. Now you may be wondering “what do Memes have to do with economics?” well my colleagues Memes are very similar to buying and investing. Much like investing you choose to create a Meme at the best possible time in order to gain the most popularity for your Meme thus the opportunity cost of a meme is implemented. Another thing about memes no matter what the meme there is always a substitute for a meme with another pun giving you hours of endless comedy or excitement. The meme market is an open market and always has opportunities to join. A Meme is more than a simple joke a meme is a work of art. Memes can display a comical situation, a fallen Harambe, A jerry Seinfeld movie, and many other subjects. Without memes our society would be a very bland and boring place to live. There are many benefits to having memes in our world and thus Memes have brought us to the place we live today. If you ever get bored simply look up memes I can promise you will not be disappointed the search is definitely worth it
Cited Sources

Food Waste

By Evie Bayer
Life. One word, but people may incorporate it differently as the word itself can be thought of and seen in endless ways.Though, when it comes to life, how many people are considerate and think about not just others, but the world around them too? For instance, isn’t it a blessing to have food on our plates so we don’t starve? Of course it is! However, isn’t it heartbreaking to see a kid at school buy a lunch, but then throw away a majority of what’s left on the tray? Isn’t it sad to see so much food being tossed, when there are several people in the world who are in need and starve daily?
The United States wastes approximately $165 billion in food every year while globally, “human beings produce enough food waste to feed 3 billion people” (Juul). People are constantly wasting nondurable goods by either putting too much on their plate, or by throwing away food that could be eaten as a leftover. In fact, 30% of the world’s food supply is wasted. Wasting food does not benefit anybody because in fact, one who does is also impacting themselves in an unfortunate way. If people have eyes bigger than their stomach, then taking smaller portions can be more beneficial. Additionally, if a person were to save their food, good can come out of it.When the consumer price index of retail goods and other items increases, people will have less money in her household to budget for other purchases. Therefore, it would be beneficial for people to save leftovers because they would save money.


Additionally, trade offs play a role in wasting food because people “must put thought into every purchase and how it affects one's bank account” (Study). Also, a person must think about the satisfaction a specific purchase will give us. People’s resources are limited, such as money and time. Therefore, people must choose how to best set aside their options by making trade-offs. Furthermore, it’s said that the earth’s population will reach 9 billion people by 2050. By then, “food production must be increased by 70% to meet demand” (Juul). Though, with people wasting more and more food, it only causes more issues. The UN estimates that in just 20 years, the earth’s population will need at least 50% more food, 45% more energy, and 30% more water. If people were to stop wasting food, our society would be changed.
Overall, people need to think outside the box when it comes to food. Rather than somebody throwing away food or eating something they’re bound to throw away in the end due to disliking a certain mean, think about how these actions could impact not just an individual, but the world around them as well.
Works Cited
Chan, Casey. "How Much Food Do We Waste Every Year?" Gizmodo, July 18, 2013

Chestney, Nina Chestney. “World lacks enough food, fuel, as population soars: U.N.” World News, Jan 30, 2012.

Hill, Aaron. "Trade-Offs in Economics: Definition & Examples."  Study.com, 2003.

Juul, Selina. "Stop Wasting Food." Think Eat Save, 2014

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