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Why do economists measure real gdp per capita

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I grew up poor on real gdp per capita, the Southside of Chicago in a neighborhood called Roseland. What To Be Essays! I was raised by my single mother along with my two brothers in a community comprised mostly of low income black and Hispanic households. I am the oldest, so I always felt a special sense of responsibility to economists real gdp per capita blaze a trail for my siblings. I wanted them to know that they could know more and be more and have more than our parents and short stories those that we saw in the course of our daily lives did. In order to do this I knew I had a steep hill to climb. My mother worked 3 jobs to be able to support us without government assistance or much support from anybody else. She took pride in why do economists real gdp per her work at the Jay’s chip factory and always told us to of an keep our heads held high and not to allow anyone to economists measure gdp per capita make us feel less-than because of what we didn’t have (a father, the latest gadgets, new clothes, enough food…just to name a few things). I think it was this sense of pride that was implanted in me early on that gave me the confidence I needed to declare regularly to myself and my brothers that we would make it out the ‘hood one day and live in big houses like the ones in Beverly or the role of an entrepreneur suburbs. I knew I wasn’t athletically gifted or musically talented, so becoming a professional athlete or rapper (pretty much the only two occupations that black boys in inner cities across America are encouraged to why do real capita aspire to) was not an option for me. The only thing I thought I could become was a factory worker like my mom (which I ruled out early on), a police officer (which I also ruled out joseph biography after I saw them raid my best friend’s grandmother’s house because they were looking for a drug dealer who had the same name as my friend’s sister), or a driver for CTA. Economists Measure Gdp Per! These were the only jobs that I knew black men to mystery short have. I was always “gifted” so I put two and real gdp per capita two together and decided to do the best I could in school and see where that got me, and I encouraged my brothers to do the importance earnest same. Because of my “gifted” status, I was able to get a full scholarship to Providence St. Why Do Economists Measure Gdp Per Capita! Mel high school on the Westside. The bus ride was long, and I didn’t have any friends, but my mother was so proud of me. We knew that most Providence St. Tesco Antivirus! Mel graduates went to college—many on full tuition scholarships—and that’s what I decided I was going to do. And that’s exactly what I did. I graduated number three in my class. As the first one in why do economists measure capita my family to even consider college (my mother had been the first to graduate from high school), I knew I was finally becoming the trailblazer I always wanted to be. I was afraid to leave my younger brothers, but I knew I had to keep going if I was going to shmoop of being be able to give them a complete blueprint for success. So I went away to Purdue University on a full academic scholarship as part of the McNair Scholars Program. I felt blessed that I had attended such an academically rigorous high school whose focus was on preparing its students for college. Many of my friends who had not been so lucky struggled academically and were forced to take remedial courses that their tuition didn’t cover. Measure Real! A couple even dropped out—one went to community college and one stopped out completely—due to the struggle of both keeping up academically and filling in the gaps left by their financial aid packages. I excelled in friends in the world my coursework and why do real gdp per capita was especially attracted to math subjects. By this time, I’d been lucky enough to acquire some wonderful mentors and advisors who explained that, with my abilities, a career in joseph conrad engineering, medicine, or education teaching math subjects would be a good fit for me. Why Do Economists Real Gdp Per Capita! I was undecided, and at tesco antivirus, the time I didn’t realize that tragic life events would soon help me decide. My youngest brother, Sean, was shot while walking home from school, the why do measure real gdp per victim of a stray bullet. There was no trauma center on the Southside, and my brother’s blood loss was so severe that he couldn’t survive the 20 minute drive to Northwestern. Mystery! They’ve since built a trauma center at University of Chicago in Hyde Park, but it came too late to save my brother. The loss of real capita my brother forced me to ask some tough questions and to make some tough decisions. I was very close to leaving Purdue and mystery returning to economists measure real Chicago, but my advisor encouraged me to you are my best friends stay and to reflect on my promise to my brother to be a trailblazer. This reminder and assurance that I could still set an example that my brother, and others like him, could follow is why do gdp per capita what kept me going during this most difficult time in my life. Another tough question I asked myself is why was there no trauma center near where I lived? Roseland hospital had one many years ago, but it was defunded. I knew that growing up, we never went to the doctor for check-ups like some of the other kids I knew. I learned we didn’t have insurance and short that most Americans, especially those with backgrounds like mine, didn’t either. I wanted answers to these questions, and I decided that if the real gdp per answers didn’t already exist, I wanted to biography help answer them. I decided that I wanted to become a doctor that semester so that I could return to my neighborhood, or a similar one, and economists real capita provide care that was severely lacking to entrepreneur people and places where there wasn’t a strong incentive to go. For the past 3 years, I have dedicated myself to my pre-medical studies, achieving a 3.87 GPA and involving myself in key leadership roles on campus, such as serving as the Vice President of the biomedical sciences club, Treasurer for pre-med AMSA, and economists measure gdp per capita President of the Black Student Union. I have volunteered at what, the inner city hospital in the emergency room for economists the last 3 years and presented at to be an american essays, the national AMSA convention on the subject of why do measure healthcare disparities across historically marginalized demographic groups. I am intimately familiar with Wellmann University’s mission, as one of my mentor’s is an alum, and I am confident that my life experiences and background will add dimension to the 2021 graduating class. Beyond this, I will add dimension to the medical profession as a whole, which is one where people like me from backgrounds like mine are still severely underrepresented. This lack of representation has implications for who has access to treatment, at what level of quality, and where. Research shows that more doctors like me means more doctors in cities and neighborhoods like the one I grew up in serving patients like my brother. Admission to Wellmann means the chance to tesco antivirus complete the blueprint for my brothers. I am building my own legacy now, and why do economists measure capita I would like Wellmann University Medical School to what it means to be be a part of it. © 2017 Copyright Studential Ltd. Suite 14232, 2nd Floor, 145-157 St John Street, London, EC1V 4PY. Gdp Per! All rights reserved. Studential Ltd. is a Company registered in England and Wales. Number 7346594.

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Someone unfamiliar with the Wal-Mart controversy might reasonably assume that very obvious macro effects sprout to life when Wal-Mart opens its doors in town. How else could one rationalize the ferocity, the righteousness of the opinion that surrounds the firm? In fact, it's the exact opposite; much of the debate and economists gdp per, controversy likely get their fervor from the my best, fact that nobody knows—for sure—who's right about Wal-Mart's effect on local communities. Despite a considerable amount of research, a definitive consensus about Wal-Mart's effect on local communities is hard to declare. Why Do Economists Real Capita! And it's not for lack of effort. Arguably, no firm in the history of commerce has been more scrutinized. Business schools routinely analyze successful firms to discover their secrets of tesco antivirus, success. But Wal-Mart is one of the few businesses routinely, even energetically, put under the microscope to real look for its dark side, to determine whether its genes are compatible with a community's DNA. That's not to to be say there are no conclusions whatsoever from the research. In fact, there are conclusions both damning and supportive of Wal-Mart. Why Do Economists Measure Gdp Per Capita! This is the likely source of the debate's din: When there is doubt or disagreement, talk louder. Similar to the results reached by this fedgazette analysis, empirical research on the economic effects of Wal-Mart tend to be modest in both directions. The balance of academic research probably favors Wal-Mart on the whole, but not by a lot, and not in of an, all measures. What follows is a summary of some of the major and recent work done on the local economic effects of Wal-Mart on measures similarly used in this fedgazette analysis—jobs, firms, wages and why do economists real, poverty. One additional measure—beyond the scope of our study but very relevant to the debate over local effects—is also discussed here: consumer welfare. Jobs: Wal-Mart's effect on employment is biography, instructive of economists measure gdp per capita, much of the short, debate. In a widely cited study (1) first published in 2004, Emek Basker found that about 100 jobs were gained in small retail over the short term, falling to 50 in the long run as smaller employers folded or contracted. Outside of retail, another 20 jobs were lost in wholesale trade, thanks to measure real capita Wal-Mart's vertical integration. A study (2) one year later by Michael J. What To Be An American! Hicks showed a similar employment uptick of measure, about 50 jobs in Pennsylvania counties where Wal-Mart opened new stores in mystery short stories, 2002. Why Do Economists Measure Gdp Per! His study also found that Wal-Mart's entrance was associated with a significant decline in retail job turnover. Researchers David Neumark, Junfu Zhang and Stephen Ciccarella disagreed with those results in a 2005 study (3) published by the National Bureau of Economic Research (NBER). The trio found that a Wal-Mart store opening reduced county-level retail employment by about 150 workers, with each Wal-Mart worker replacing approximately 1.4 retail workers and lowering average retail employment in a county by 2.7 percent. Then a return volley came a year later in a working paper (4) by Scott Drewianka and tesco antivirus, Dain Johnson, which found that Wal-Mart raised local retail and possibly even nonretail employment. Economists Measure Real Gdp Per! Still other studies have pointed out that Wal-Mart likely induces greater efficiency and productivity in friends world, surviving firms, meaning that although employment among such firms might decline because of Wal-Mart, they might also be more competitive than in pre-Wal-Mart days. The fedgazette analysis found slightly positive employment effects in counties with a Wal-Mart. About the most that can be said about Wal-Mart's effect on jobs is that it is small—even by the standards of counties with modest populations—which itself might be a useful point, given the current rhetoric on both sides. Firms: Much research attention is also given to Wal-Mart's supposed demolition of existing businesses in a community. The evidence suggests that, indeed, retail competitors suffer when Wal-Mart enters the local market. In 2005, Panle Jia (5), looked at the effect of Wal-Mart and Kmart on discount retailers and found that entry by either store made about 50 percent of gdp per, discount stores "either unprofitable or unable to recover their sunk cost." That sounds like a lot, but represented only two or three firms per county because of the study's narrow focus on discount firms. Basker's 2004 study widened the lens to look at all small retail establishments and found a closure rate of about 2 percent (or about four of 200 firms on average). Few studies look at the effect on establishments outside the joseph biography, retail sector. Economists Measure Gdp Per Capita! Though stories of business closures are rife, anecdotal evidence is you are friends in the, also gathering of new firms capitalizing on Wal-Mart's ability to bring traffic to why do economists capita town. Two studies completed in 2006 suggested that Wal-Mart might have a positive influence on firm creation within a county. Drewianka and Johnson found a small but consistently positive effect on the number of establishments. "Few of the estimates are either large or statistically significant, but it is striking that the pattern is so pervasive." (The fedgazette analysis found a similarly small, but persistently positive, effect on the number of firms.) Russell S. Sobel and Andrea M. Dean (6) examined the joseph biography, rate of self-employment, the number of small employer establishments and why do economists measure gdp per capita, the profitability of small businesses using both time series and cross-sectional data. Their work found "no statistically significant long-run impact on the overall size and profitability of the shmoop of being, small business sector in the United States." Sobel and Dean acknowledged, and economists measure capita, then rebutted, the joseph biography, common notion that long-established, locally owned businesses get replaced by "lesser" small businesses. But they pointed out that both revenue and net income for economists real capita small businesses have continued to rise. They wrote, "While the entry of a specific Wal-Mart store might cause some individual small, 'mom and pop' businesses to fail, our results suggest that these failures are completely offset by of being, the entry of other new small businesses somewhere else in the economy." But even for surviving firms, Wal-Mart's presence is believed to cut into revenues. A 2002 study (7) by Kenneth E. Stone, Georgeanne Artz and Albert Myles looked at measure real gdp per, sales trends in Mississippi counties with and without a Wal-Mart supercenter. It found that total sales in host counties increased by small but notable amounts, while nonhost counties experienced a decline of similar degree. Some individual sales categories, like general merchandise, saw much larger shifts. Wages: To borrow one of Wal-Mart's own advertising phrases, the importance, company is widely perceived to always have the lowest wages and is regularly accused of why do economists measure gdp per, pulling down overall wages. There's not much evidence of either, in part because the matter has not been studied very thoroughly, according to some. A 2007 working paper (8) from the Institute for Research on Labor and Employment, housed at the University of California, Berkeley, pointed out that to date "there is little academic work on how the company's expansion may have transformed the retail wage structure." Its authors, Arindrajit Dube, T. Short! William Lester and Barry Eidlin, looked into the matter and concluded that one new Wal-Mart reduced retail earnings per worker by 0.5 percent at the county level, and 10 new Wal-Marts reduced earnings between 0.5 percent and why do measure real gdp per, 2 percent at the state level, most of it in role entrepreneur, retail subsectors and economists gdp per, grocery. However, the wage effect was evident only in metro counties. Tesco Antivirus! Nonmetro counties showed no evidence of wage reduction, which the capita, authors argued was likely the result of lower average wages in general in rural areas. (The fedgazette study looked exclusively at nonmetro counties and found small but positive effects on retail earnings per job.) Neumark et al. found that Wal-Mart's presence leads to a decline in a county's retail earnings of mystery, 1.3 percent, but they pointed out that there is no evidence of reduced retail earnings per worker. Drewianka and Johnson found that supercenters were associated with a 1 percent decrease in why do economists measure real capita, wages. But that's not the tesco antivirus, final word. Hicks (2005) found no effect on existing employee wages in the retail sector. However, new hires in real, the retail sector saw a roughly 50-cents-an-hour increase in total compensation in the quarter Wal-Mart entered, coupled with a finding showing that retail employee turnover also declined with Wal-Mart's entry. A 1999 study (9) by Hicks and Kristy Wilburn also uncovered an tesco antivirus increase in retail wages in 14 West Virginia counties studied. A major gap in the research regarding wages has to do with workers' previous wages and work intensity (full- or part-time) compared with Wal-Mart jobs. Critics regularly rail at the company for paying low wages. But it's hard to fathom how the company could attract the necessary labor—250 to 400 workers for supercenters—if compensation paid by the retailer was not on par with job opportunities elsewhere, including applicants' existing jobs, where relevant. This is particularly so given little evidence of wide-scale loss of either competing jobs or firms when Wal-Mart enters the local market. However, as Basker pointed out in a 2007 study (10), there is some anecdotal evidence that Wal-Mart can push wages down where the retail sector is unionized or otherwise highly compensated—mostly in larger urban markets—because firms sometimes have to economists capita seek concessions from joseph conrad, higher-paid employees to compete with Wal-Mart's lower cost structure. But the why do real gdp per, retail sector is also one of the least unionized and lowest-paying sectors of the economy, which means these wage confrontations may be more exception than rule. Poverty: Despite the repeated attention paid to Wal-Mart and wages, very little focus has been placed on the related issue of poverty. Virtually the only study in the research literature is joseph conrad biography, a 2004 paper (13) by Stephan J. Goetz and economists gdp per capita, Hema Swaminathan. Joseph Conrad Biography! The authors looked at counties with Wal-Mart stores and concluded that counties with more initial stores (in 1987) and those with more store additions (through 1998) experienced greater increases (or smaller decreases) in family poverty rates over this period. Why Do Economists Real! (Findings from the you are my best friends, fedgazette analysis were similar regarding poverty trends in the Ninth District.) Consumer welfare: The one area of research with unequivocal findings is Wal-Mart's effect on consumer prices. In general, Wal-Mart prices—not on all individual items, but on baskets of real gdp per capita, common items—are substantially lower than competitors' prices. The firm also tends to friends in the world induce smaller, but notable, price declines at competing stores. That translates into enhanced welfare for shoppers. (One note: The definition of "competitor" is not uniform across studies, which leads to different comparison groups; most often, price studies focus on why do measure gdp per capita, grocery or discount stores.) A 2003 investigation by Retail Forward, a private international retail consultant, found that prices at Wal-Mart were on role entrepreneur, average about 15 percent lower than the competition, in part because of why do economists measure capita, its buyer power and lower wage scale. Two additional studies (11) by Basker (as author or co-author) since 2005 used different methodologies and found consistently lower prices at Wal-Mart (upward of 10 percent), as well as slightly lower prices at biography, competitors. A 2005 NBER working paper (12) by Jerry Hausman and Ephraim Leibtag found that prices at Wal-Mart were 15 percent to 25 percent lower than at why do economists measure real gdp per, traditional supermarkets. That turns into real savings. Average households saw their annual welfare increase about $780 (within the range of annual savings estimated by Wal-Mart itself, of short, between $500 and why do gdp per, $1,200). The poorest households saw their welfare increase by a lower amount ($530) according to the authors, mostly because they spent less on entrepreneur, food overall. But the savings had an outsized positive effect on why do economists, poor households because their budgets were much smaller to begin with. "We find the benefits to be substantial. . Low income households benefit the mystery, most." So, where does all of gdp per, this leave the argument about Wal-Mart's effect on local communities? Mostly right back where we started, with both sides anchored, in part because of comparatively thin evidence supporting and refuting various positions. Dube et al. point out that few studies directly measured the effect of what it means essays, Wal-Mart (or big-box stores generally) on employment, wages and measure real, working conditions in the retail sector. Studies on these matters to date "produce ambiguous results and have many limitations." And Basker added in her 2007 report, "Wal-Mart is the largest company in the world, yet little is known about its economic impact." Maybe this tug-of-war that's going (mostly) nowhere is itself representative of Wal-Mart's full effect: The firm's positive and short stories, negative effects are mostly a wash and, at the end of the day, Wal-Mart is just a successful business, neither benevolent enough to put on a pedestal nor evil enough to shame to the economic margins. Drewianka and Johnson's study concluded that Wal-Mart is "a fairly benign force," and they admitted to some perplexity over the debate itself. Their findings were generally favorable to Wal-Mart, but they uncovered unfavorable results as well. But they stressed that "the great majority" of estimated effects were tiny—a fraction of 1 percent in most cases. Why Do Gdp Per Capita! To which they concluded: "[E]stimates of mystery short, this magnitude do not seem to economists measure real gdp per capita justify the rancor of the my best world, debate. Perhaps it can be justified on other grounds, but if so it would seem wise to redirect the discussion in that direction." Emek Basker, University of Missouri, January 2004. Michael J. Hicks, 2005. Air Force Institute of Technology and Marshall University. David Neumark, Junfu Zhang, Stephen Ciccarella, 2005. Scott Drewianka and Dain Johnson, 2006. Russell S. Why Do Economists Measure! Sobel, Andrea M. Dean. Kenneth E. Stone, Georgeanne Artz, Albert Myles, 2002. 8. Firm Entry and Wages: Impact of Wal-Mart Growth on mystery short, Earnings. Throughout the Retail Sector. Arindrajit Dube, T. William Lester, Barry Eidlin, 2007. Michael J. Hicks, Kristy Wilburn, 1999. Emek Basker, 2007. Emek Basker, 2005. Michael Noel, Emek Basker, 2007. Jerry Hausman, Ephraim Leibtag, 2005. Stephan J. Goetz and real gdp per capita, Hema Swaminathan, 2004. See also related fedgazette article: Thomas J. Holmes on Wal-Mart's location strategy, March 2006. Mystery Short! Holmes describes Wal-Mart's location strategy and possible implications for the Ninth District.

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