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Economics in the Current News

Take some time to think about the ways in which your learning in this class relates to the real world. Has the knowledge you gained been valuable in helping you understand or evaluate events or policies? Are there any current events in the news that you can directly link to concepts or theories covered so far?

Guided Response:

Review the popular news websites listed in the Current Events required readings section for this week. In 300 words or more, discuss one current event article and explain how economic theory can be applied to analyze the information presented. Make sure to provide an APA reference to your article.

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Solution Preview

I picked an article from the New York Times.
It is easy to relate this to any course in business or economics, no matter what the focus.

Greenhouse, S. (2013, January 24). Share of the Work Force in a Union Falls to a 97-Year Low, 11.3%. The New York Times, pp B1

Here is the internet version (dated a day earlier):

The New York Times reports that union membership as a percentage of the employed workforce is at its lowest point in more than a century. Membership is just over 14 million, which is 11.3% of the labor force. This is a fall from 11.8% in 2011. The private sector by itself has only 6.6% of its workers unionized.

The passage of "right to work" laws in major manufacturing states contributed to the decline. In Indiana and Wisconsin, where right to work laws were passed, union membership fell by 13 and 18% respectively in less than a year. In Wisconsin, many government workers left their union when the executive branch limited certain collective bargaining rights.

Public sector ...

Solution Summary

The economics in the current news are examined.