Econ project by Logan Holst
Smarter robots put 50% of jobs at risk
This article talks about the evolvement of technology in robotic machines have developed greatly. So greatly that they have become much more efficient and because of this, They are expecting 50% of jobs at risk or to be replaced by these more intelligent robots. I found this interesting because i never knew that robots took up near as many jobs as they do and i found it incredible that our technology has evolved so far that we can have robots do nearly 50% of our jobs! I found this to be relating more to Efficiency because the goal of a business is usually sell as much of their product for more at a lower price to them. By replacing the humans by robots they are trying to accomplish a higher efficiency.
Minimum wage since 1938
this is a interactive that shows the clarifies the affects of inflation on the us dollar in relation to the increasing of the minimum wage. It directly demonstrates historical minimum wage amounts, and their corresponding values in today’s dollars. I found this to be interesting because at certain points the minimum wage equivalent is up to 3 dollars higher then it is now. This is important because it shows the patterns of the timing of the increasing of the minimum wage. I found this closely relating to inflation because it demonstrates how over time even though they where paid significantly less but due to inflation the earlier minimum wage was at times significantly higher then it is now.
Americans are buying tons of gold
This article discusses that economists and people that actively participate in the economy where worried about the economy and the route it was taking a couple months ago and buy into gold as a safety net. well when gold prices dropped a large amount of people bit into the opportunity, and by doing so increased the demand for gold bars and coins by over 200%!! I found this interesting because I never knew that when the economy got bad that people invested their money in gold. It makes sense because in most cases the market for gold is usually pretty good even in the roughest of times. I found this to be closely related to opportunity cost because the people that invested in gold figured that they had a good opportunity to invest into gold instead of another market that may not be near as stable of a market.