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Knowledge@W. P. Carey Headlines
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Economists, Wall Street, and the general public were pleased with the advance report on third quarter Gross Domestic Product (GDP) from the U.S Bureau of Economic Analysis. The consensus expectation as posted on Briefing.com was an annualized increase of 3.2 percent. The advance report from the BEA was higher, at 3.5 percent. This is the largest consumer spending increase since 3.7 percent growth was posted in the first quarter of 2007, well before the recession began. However, it is likely that unemployment and job losses will persist for some months to come.
It's Indian Summer in the Phoenix real estate market: Like a replay of the traditional high sales months, resale activity increased in October -- from 9,070 sales in September to 9,955. But although the level of activity appears strong, it's not necessarily a sign of recovery, as foreclosures continue to be the dominant force. And, when people think about recovery they mean a time when prices return to what they paid for their homes. For people who bought at the top of the market, says W. P. Carey real estate professor Jay Butler, that time may be a long way off.
Last week about 140 of Arizona's leaders gathered at the Grand Canyon for the 95th Arizona Town Hall -- designed to bring Arizonans together for three days of discussion, culminating in a plenary session where participants adopt a final report of findings and recommendations. The topic was governmental revenue -- an urgent issue for many states in the wake of recession but especially in Arizona, where a crippling budget crisis casts a forbidding shadow over the next several years. The background report, sent to participants in advance of the Town Hall meeting, was prepared by the L. William Seidman Research Institute at the W. P. Carey School of Business.
William Boyes understands why his students feel the way they do about the federal minimum wage -- why they seem to universally believe that the minimum wage is a good thing. It's a good thing for them; a good thing for workers across the country; a good thing for the economy as a whole. There's just one problem, says Boyes, a professor of economics at the W. P. Carey School of Business. He thinks they're wrong. But convincing them, he admits, is no easy task.
Standing next to a chubby pal might make you feel better about yourself, but it also could make you eat more -- or less -- depending on how big your buddy happens to be and how unbridled that person is at the buffet table. In fact, the weight and habits of a stranger in line ahead of you at some fast food place could impact your lunch choices, too. A team of researchers that included W. P. Carey marketing professor Andrea Morales has discovered that it isn't merely the amount of food your tablemate orders that may affect your own eating decisions. Your companion's dress or trouser size is likely to carry considerable weight, as well.
When the city of New London, Connecticut, moved to take homes in the modest Fort Trumball neighborhood by eminent domain, a group of residents resisted in court. Led by Susette Kelo, the residents eventually lost their case at the Supreme Court. The city had the green light to move ahead with plans to develop the area for offices, research facilities, high end condos and a hotel. The city's plans fell through, and the project was never built. The Kelo case touched off a nationwide backlash against eminent domain seizures that cut across ideological lines.
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12/24/2009 » 12/25/2009
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