Consumers didn’t come to their senses out of the blue, realizing all of a sudden that they’ve been wasting enormous sums of money on “mindless accumulation,” as a new book puts it. Instead, the Great Recession, with its destruction of investment portfolios, home values, and many people’s careers, has forced folks to come to an undeniable …
Stocks Rise on Bullish Economic Vibes
Just when it seemed clear that the economy was settling into a big-time slowdown, along comes the ISM report with surprisingly good news. The ISM report captures manufacturing activity, and the fact that it was up–economists had expected a decline– sent Wednesday’s stock market on a tear (it helped too that China also reported upbeat …
What the Heck Is a Health-Care Credit Card?
Long story short: It’s something you don’t want. Why? For one reason, when you sign up for such a card, you can be charged thousands of dollars for treatments and services before they’re even provided.
Escaping the middle income trap, part 2
A couple weeks ago, I mused a bit about how developing countries graduate into the leagues of the world’s richest nations, specifically looking at the case of Malaysia. That country has been stuck at a moderate level of wealth for some time – in other words, it’s caught in the “middle income trap.” There is one issue I wanted …
A Few Thoughts on the God-Awful State of Customer Service
Everybody loves the airline attendant who dramatically quit his job because he was overworked and sick of being pushed around by customers. But wait just a second. Aren’t consumers sick of workers in the “service” industry who couldn’t care less about making sure the customer is satisfied?
Will Human Cloning Cause the Next Financial Crisis?
Attack of the Clones
To the best of my knowledge, no where among the nearly 2,300 pages that is the Dodd-Frank Wall Street Reform and Consumer Protection Act and the hundreds of proposed new regulations is there anything restricting human cloning. And that, it turns out, might be a bad thing.
Recently, a nearly decade old paper on the …
It’s a Deal: 20% Off Everything at Art.com
Use the coupon code SPARK (thanks Bargainist) to get 20% off your order of posters, prints, and other items at Art.com. Valid for orders placed by September 3.
Home Prices Rise—Is It a Mirage?
The Case-Shiller index of home prices in 20 different markets rose briskly in June, according to Standard & Poor’s. This may give a nice boost to the stock market but it’s a pretty meaningless statistic because the data is two months old. That puts it right at the tail end of the buying flurry that came with the Homebuyer Tax Credit. …
Q&A with Andrew Benett, Author of ‘Consumed: Rethinking Business in the Era of Mindful Spending’
Could it be that consumers aren’t quite as gullible as marketers, manufacturers, and advertisers have long assumed? Could it be that today’s consumers are smarter and more informed than they have ever been when it comes to deciding whether to buy or pass on a product? Could it be that the age of mindless accumulation is gone for good, …
What if Tax Rates Were Set by Lottery?
One of the big reasons people argue against raising taxes for the richest Americans is that higher taxes make people less inclined to work. The result is that raising taxes at some point doesn’t raise any more tax income for the government. This is in effect the famous Laffer Curve.
I’m not sure I believe that. I think people, …
Ten Signs of a Still-Troubled Economy
Falling birth rates! Record numbers enrolled in anti-poverty programs! A spike in murder-suicides! Homeowners taking on remodeling projects! (OK, that last exclamation point wasn’t justified, but I was on a roll.) And more.
Cheapskate Wisdom … About Pricey, High-Profile Liquor Brands
“Expensive, luxury alcoholic drinks are a really great deal—for those in the business of selling them.”