tag:blogger.com,1999:blog-3448927642739850334.post3560390014130620012..comments2023-10-29T08:06:00.610+00:00Comments on The Political Economist: Graph of the week: Big Mac WagesVuk Vukovichttp://www.blogger.com/profile/01878567452492217960noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-3448927642739850334.post-84321523764530402522013-02-19T01:37:14.772+00:002013-02-19T01:37:14.772+00:00I hear a lot on TV about how the food service indu...I hear a lot on TV about how the food service industry pays low wages because the work is unskilled. I hate the word unskilled some companies in the food service Industry make hanson profits but pass little of it on to their workers. Someone thats unskiled can be worth a considerable amount of money if their productive enough. How often have you heard that one. And what about the stock market or so called stock market professionals that work for a large investment research firm and get paid lots of money to give their advise about certain stocks. Studies have shown that most of the so called expert advise on what stocks to buy is no better than the performance of the standard and poor 500 Index. I wonder what would happen if a customer thats paying lots of money for advice were told. You know what most of the advise that we give on what stocks to buy is not going to result in anymore profit for you than if you just were to buy a Index fund that tracks the performance of the standard and poors 500.QUALITY STOCKS UNDER 5 DOLLARShttp://www.zipleaf.us/Companies/The-Manhattan-Calumet-Value-Stock-Hotlinenoreply@blogger.comtag:blogger.com,1999:blog-3448927642739850334.post-87787187430419974232012-05-08T10:56:18.634+01:002012-05-08T10:56:18.634+01:00Yeah, that's a good point, I agree. It's b...Yeah, that's a good point, I agree. It's basically what the author was trying to do. He used Mcdonalds employees and wages to control for any possible selection bias.Vuk Vukovichttps://www.blogger.com/profile/01878567452492217960noreply@blogger.comtag:blogger.com,1999:blog-3448927642739850334.post-9586934641740526932012-05-07T23:03:59.493+01:002012-05-07T23:03:59.493+01:00This technique can also be used to show difference...This technique can also be used to show differences in real wage purchasing power over time, instead of relying on the not very good CPI<br /><br />For instance, if you look at a list of ten common household items which existed in the 1970's and still exist, you could use the average hourly wage in both time periods to show how long a person had to work to buy that item. <br /><br />In every case we are much much better off than we were in the 1970's even though some econometrics says the wages have stagnated. And that does not even count in the higher quality of goods currently available.KyleNhttps://www.blogger.com/profile/15766641765942339253noreply@blogger.com