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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: i-node who wrote (770779)	2/23/2014 4:54:24 PM
From: J_F_Shepard	Read Replies (2) \| Respond to of 1574678

So, contrary to your post, food prices generally, but particularly FAST food prices, have elasticities such that they are among the "most responsive to price changes". Study: Minimum Wages and Employment: A Case Study of the Fast-Food Industry in New Jersey and Pennsylvania: Reply (2000) Summary: A follow-up study by David Card and Alan Krueger that repeats their 1994 analysis, but uses official government data to determine employment figures. The study finds that the minimum wage increase in New Jersey did not affect employment in fast-food restaurants after New Jersey’s 1991 increase or after the 1996-1997 federal increases eliminated the differences in minimum wages between the two states. Study: Minimum Wages and Employment: A Case Study of the Fast-Food Industry in New Jersey and Pennsylvania (1994) Summary: A landmark study published by David Card and Alan Krueger in the American Economic Review examining employment at fast-food restaurants on both sides of the New Jersey-Pennsylvania border after New Jersey raised its minimum wage to $5.05 an hour while Pennsylvania’s minimum wage held constant. The authors conducted a phone survey of over 400 fast-food restaurants and found no evidence that the increase in the minimum wage in New Jersey led to job loss—in fact they found employment increased in fast-food restaurants in New Jersey. For this and related research, Card was awarded the John Bates Clark medal in 1995—the so-called “junior Nobel prize,” granted by the American Economics Association every two years to the best economist under forty. Study: Why “Good Jobs” Are Good for Retailers (2012) Summary: Harvard Business Review study by MIT Professor Zeynep Ton documents how major retailers such as Trader Joe’s and Costco benefit for higher sales revenue and profits than their low-wage competitors by investing in their employees, which reduces turnover and boosts productivity. For example, the starting wage at Trader Joe’s ranges between $40,000 and $60,000 per year, more than twice what many of its competitors offer, and yet the sales revenue per square foot at Trader Joe’s are three times higher than the average U.S. supermarket. *Costco CEO Craig Jelinek, March 2013*: “We pay a starting hourly wage of $11.50 in all states where we do business, and we are still able to keep our overhead costs low. An important reason for the success of Costco’s business model is the attraction and retention of great employees. Instead of minimizing wages, we know it's a lot more profitable in the long term to minimize employee turnover and maximize employee productivity, commitment and loyalty. We support efforts to increase the federal minimum wage." ( Source)