By Mark J. Perry The cartoon below illustrates an important, but overlooked fact about the minimum wage and labor markets: Workers compete against other workers, not against employers, for jobs and higher wages. The low-skilled worker below (ex-bus driver Otto Mann on the Simpsons) is willing to work for $8 an hour to help Morris “Moe” Szyslak clean his bar but loses that … [Read more...] about This Cartoon Shows How the Minimum Wage Works
Mark Perry
The Supermarket Chain That Is Upending America’s Grocery Industry by Maximizing Efficiency
By Mark J. Perry You gotta love Aldi. I do. Any supermarket that can out-compete Walmart on price by 18 percent (see chart below) has to be doing something right. Very right. Talk about consumer value, consumer sovereignty and consumer surplus! Listen to what Walmart CEO of US Operations Greg Foran says about Aldi: I never underestimate them. I’ve been competing against … [Read more...] about The Supermarket Chain That Is Upending America’s Grocery Industry by Maximizing Efficiency