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EconNews Online is South-Western's service to provide summaries of the latest economics news stories. Review the brief summaries and, for stories of interest, select the full summary. |
| SCARCITY, CHOICE, and OPPORTUNITY COST | |
| Title | Brief Summary |
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As spaces in international schools in Hong Kong have become more and more limited, schools are resorting to a different rationing technique: allowing people to pay for the seats. (Updated July, 2007) |
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U.S. economists have studied the cost of the Iraq war to the U.S. But to this point no one has considered the impact of the war on Iraq itself. The numbers, even as a first pass, don't look good. (Updated November, 2006) |
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The news often shows illegal immigrants taking jobs from decent tax-paying Americans. But legal immigration is suffering mightily in the wake of immigration reform--and that could cost the U.S. dearly. (Updated May, 2006) |
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At this point, people who have been imprisoned have an increasingly difficult task to become productive members of society. And the discrimination is all legal. (Updated March, 2006) |
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When daylight-savings time expands by four weeks beginning in 2007, many electronic devices could give consumers big headaches. DVD recorders and VCRs may be programmed with current daylight-saving time zones, but not for the new, expanded daylight savings zones. Computer calendars won't immediately recognize the change, and some people may miss meetings or may find that their TVs taped the wrong shows. (Updated September, 2005) |
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In the constant struggle between economic interests and national security, American workers are concerned that foreign workers in this country will steal their jobs. However, imposing limits on foreign workers may have additional, unconsidered costs. The limits on H-2B work visas, which allow foreign workers to work in the US, are being reached with repercussions in a variety of non-related industries. (Updated June, 2005) |
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In June, 2004, The Federal Aviation Administration (FAA) scaled back their requirements so that airlines must now carry only 5% over the estimated fuel needs on international flights instead of the previous 10% reserve requirement. (Updated October, 2004) |
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Since the last time such costs
were calculated in 1999, costs of fighting crime have increased from $147
billion to $167 billion in 2001, up from only $36 billion in 1982. (Updated July, 2004) |
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Driving around in an SUV may make
you safer, but it is more dangerous to those around you, especially if car
drivers are in an accident with an SUV. (Updated February, 2004) |
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Jane England died shortly after
giving birth to triplets. The hospital admitted liability, eventually settling
the case for $1,275,000. In the trial, Mr. England was asked to value his
wife's contribution to household income, her parenting, and her personal
spendings relatively equal awards in spite of the law requiring compensation
at least in part for income and earning potential. (Updated June 15, 2002) |
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The lawyer in charge of making
awards to families of victims of the September 11 attacks has stated that
he favors relatively equal awards in spite of the law requiring compensation
at least in part for income and earning potential. (Updated January 15, 2002) |
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After two decades of passing tougher
laws requiring minimum sentences and limiting early parole, states are backtracking.
A slowing economy, lower crime rates, and spiraling prison costs are the
reasons. (Updated October 1, 2001) |
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Coinless slot machines are spreading
through casinos. They remove the delays and costs of waiting for change
and filling coin hoppers, increasing revenues. Consumers, however, have
mixed feelings. (Updated August 1, 2001) |
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The ancient art and practice of
hand-making Chinese dumplings is being replaced by purchasing frozen dumplings
of improved quality from stores. (Updated May 1, 2001) |
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More people are eating breakfast
at or on the way to work, rather than eating at home. The reasons include
longer workweeks, the need for quiet time in otherwise hectic schedules,
and heftier commutes. (Updated August 1, 2000) |
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There are a number of significant
road construction projects in progress around the nation. Although they
purport to reduce commuting time in the long term, they increase commuting
time in the interim. Also, they encourage more traffic to use the road. (Updated November 1, 1998) |
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Graffiti artists, or "graffers," are causing
significant costs for the owners of defaced property and the surrounding
communities. Massachusetts has enacted stiff penalties for graffers. (Updated August 1, 1998) |
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A British study shows that a child can cost
$80,000 up to age 17 excluding private education and full-time childcare.
In addition, mothers with two children may lose as much as $400,000 in lost
earning and retirement income. (Updated April 1, 1998) |
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In Peru, the robbing of graves for artifacts
is widespread. Archaeologists are angry that the separation of artifacts
from their context is depriving society of a better understanding of ancient
cultures. (Updated December 1, 1998) |
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The Federal Aviation Administration is recommending
that airlines replace the fuselage insulation on their planes. The agency
suspects that their flammability has led to fires. While industry representatives
have indicated that they will comply... (Updated December 1, 1998) |
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Consumers often feel guilty about buying chilled
convenience food because of the higher cost and perceptions of inferior
taste and nutrition. However, when the value of the home cook's time is
included and taste tests are conducted, it appears that consumers' decisions
make sense. (Updated November 11, 1998) |
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