Economy – Page 2 – Impact Lab

Economy

Increasing Number of 40-Year-Olds in the US Choose to Delay or Forgo Marriage

July 11, 2023

A recent analysis by the Pew Research Center reveals a significant increase in the percentage of 40-year-olds in the United States who have never been married. As of 2021, this figure stood at 25%, a notable rise from 20% in 2010, based on Census Bureau data. This trend reflects a shifting attitude towards marriage among Americans, particularly among those born from the 1960s onwards, who are increasingly opting to delay or completely forgo tying the knot.

This data marks a milestone in a decades-long pattern of changing marriage patterns in the country. While some unmarried 40-year-olds are in cohabiting relationships, the majority are not. In 2022, only 22% of never-married adults aged 40 to 44 were living with a romantic partner.

Economy

China to Witness Largest Exodus of Millionaires Again This Year, New Research Finds

June 23, 2023

China, renowned for its booming economy and massive population, is set to experience the highest outflow of millionaires globally this year, as revealed by a recent study. Investment migration consultancy Henley & Partners reported that China is projected to lose the most number of dollar millionaires due to migration compared to any other country.

The data from the firm indicated that 10,800 high-net-worth individuals left China in 2022, and an additional 13,500 are expected to depart this year. This ongoing trend of millionaire exodus from China has persisted for the past decade, causing a deceleration in overall wealth growth in the country. Andrew Amoils, Head of Research at global wealth intelligence firm New World Wealth, emphasized the impact of these outflows, stating, “The recent outflows could be more damaging than usual. China’s economy grew strongly from 2000 to 2017, but wealth and millionaire growth in the country has been negligible since then when measured in U.S.-dollar terms.”

Following China, Henley & Partners predicts that India will witness a net loss of 6,500 millionaires this year, a decrease of 1,000 compared to 2022. Factors such as burdensome tax legislation and complex rules regarding outbound remittances have contributed to the increasing trend of investment migration from India, as stated by Sunita Singh-Dalal, Partner of Private Wealth and Family Offices at law firm Hourani.

Economy

Why the next stage of capitalism is coming

December 6, 2021

It’s done so much for human well-being, but it’s far from perfect. Will capitalism as we know it evolve into something new?

By Matthew Wilburn

Nearly 250 years ago, the economist and philosopher Adam Smith wrote The Wealth of Nations, in which he described the birth of a new form of human activity: industrial capitalism. It would lead to the accumulation of wealth beyond anything that he and his contemporaries could have imagined.

Capitalism has fuelled the industrial, technological and green revolutions, reshaped the natural world and transformed the role of the state in relation to society. It has lifted innumerable people out of poverty over the last two centuries, significantly increased standards of living, and resulted in innovations that have radically improved human well-being, as well as making it possible to go to the Moon and read this article on the internet.

Economy

What is a Decentralized autonomous organization, and how does a DAO work?

September 8, 2021

A decentralized autonomous organization (DAO) is an entity with no central leadership. Decisions get made from the bottom-up, governed by a community organized around a specific set of rules enforced on a blockchain.

DAOs are internet-native organizations collectively owned and managed by their members. They have built-in treasuries that are only accessible with the approval of their members. Decisions are made via proposals the group votes on during a specified period.

A DAO works without hierarchical management and can have a large number of purposes. Freelancer networks where contracts pool their funds to pay for software subscriptions, charitable organizations where members approve donations and venture capital firms owned by a group are all possible with these organizations.

Before moving on, it’s important to distinguish a DAO, an internet-native organization, from The DAO, one of the first such organizations ever created. The DAO was a project founded in 2016 that ultimately failed and led to a dramatic split of the Ethereum network.

Economy

The New Creator Economy – DAOs, Community Ownership, and Cryptoeconomics

September 8, 2021

By Nader Dabit

I first had what I can only describe as a spiritual awakening about 10 years ago to the fact that technology would (figuratively) rule the world. And since then, I’ve been obsessed with wanting to understand how software works and how to build it.

Since that moment, my life has changed significantly for the better. I can only attribute it to the simple fact that I have relied not only on my own instincts, but on those of people much smarter and more experienced than I am.

My hypothesis is this: try to find and follow the lead of those who have exhibited a long track record of success, find interests in their wake, and do my best to excel at them (while continuing to explore my own curiosities).

Economy, Science & Technology News

Can’t find chicken wings, diapers, or a new car? Here’s a list of all the shortages hitting the reopening economy.

June 13, 2021

Juliana Kaplan and Grace Kay

Empty shelves and shoppers at a Target store in Dublin, California, on March 15, 2020. Photo by Smith Collection/Gado/Getty Images

As the US economy increasingly reopens, it is seeing shortages of all sorts of items.
If you’ve tried to buy (or rent) a car or eat some chicken wings, you’ve probably noticed.
Insider rounded up some of the major supply shortages and why they’re lagging.

Analysis, Coronavirus, Economy, Employment, Science & Technology News

At least half of people who have a job fear they’ll lose it in the next 12 months

November 9, 2020

Job losses are a concern for more than half of working adults.

New survey shows more than half of working adults fear for their jobs.

But two thirds of workers are optimistic about retraining on the current job.

Employment concerns and perceived opportunities to learn new skills vary greatly between countries.

A new Ipsos survey, conducted on behalf of the World Economic Forum, shows that more than half (54%) of working adults fear for their jobs in the next 12 months. However, these workers are outnumbered by those who think their employers will help them retrain on the current job for the jobs of the future (67%).

Continue reading… “At least half of people who have a job fear they’ll lose it in the next 12 months”

Coronavirus, Economy, Employment, Housing, Science & Technology News, Trending

‘Zoom towns’ are exploding in the West

October 26, 2020

And many cities aren’t ready for the onslaught.

First, there were boomtowns. Now, there are Zoom towns.

The coronavirus pandemic is leading to a new phenomenon: a migration to “gateway communities,” or small towns near major public lands and ski resorts as people’s jobs increasingly become remote-friendly. This is straining the towns’ resources and putting pressure on them to adapt.

A new paper published in the Journal of the American Planning Association shows that populations in these communities were already growing before COVID-19 hit, leading to some problems traditionally thought of as urban issues, like lack of affordable housing, availability of public transit, congestion, and income inequality. And while COVID-19 has accelerated the friction, the study suggests that urban planners can help places adjust.

There has been a drastic increase in remote work since March, when the pandemic hit the U.S. Nearly 60% of employees are now working remotely full or part time, according to a recent Gallup poll. Nearly two-thirds of employees who have been working remotely would like to continue to do so, according to that same poll. That would seemingly give workers a lot more flexibility when it comes to where they call home.

Continue reading… “‘Zoom towns’ are exploding in the West”

Coronavirus, Economy, Housing, Science & Technology News

U.S. home sales spike an unprecedented 24.7% in July

August 25, 2020

Sales exploded in every region in the country, led by the Northeast and West

The coronavirus pandemic helped shape the housing market by influencing everything from the direction of mortgage rates to the inventory of homes on the market to the types of homes in demand and the desired locations.

SILVER SPRING, Md. — U.S. home sales rose an unprecedented 24.7% in July as extraordinarily low mortgage rates, and a desire for more space in the pandemic, fuel demand.

A June rebound has stretched to July after the coronavirus pandemic all but froze the housing market in the spring, usually a time when house hunters are most active.

National Association of Realtors said Friday that sales of existing homes jumped last month to a seasonally adjusted annual rate of 5.86 million. With consecutive months of record-breaking gains, purchases are up 8.7% from a year ago. Home sales rose 20.7% in June, a record that lasted one month.

The housing market has been one of the more resilient sectors of the economy during the pandemic, but market activity continues to hinge on supply, which was limited even before the coronavirus outbreak.

Continue reading… “U.S. home sales spike an unprecedented 24.7% in July”

Economy, Finance, government, Money Talk, Science & Technology News

Germany is beginning a universal-basic-income trial with people getting $1,400 a month for 3 years

August 24, 2020

Starting this week, 120 Germans will receive a form of universal basic income every month for three years.

The volunteers will get monthly payments of €1,200, or about $1,400, as part of a study testing a universal basic income.

The study will compare the experiences of the 120 volunteers with 1,380 people who do not receive the payments. About 140,000 people have helped fund the study through donations. The concept of universal basic income has gained traction in recent years, and Finland tested a form of it in 2017.

Supporters say it would reduce inequality and improve well-being, while opponents argue it would be too expensive and discourage work.

Continue reading… “Germany is beginning a universal-basic-income trial with people getting $1,400 a month for 3 years”

Coronavirus, Economy, Money Talk, Science & Technology News

The rise of the upper middle class

August 22, 2020

We all know that economic inequality has increased in recent decades, but just who has won and who has lost are harder questions to answer. A new study suggests that, even before the coronavirus pandemic, much of the increase in inequality was generational. People born earlier in the post-World War II decades experienced faster income growth than people born later.

The study, published by the Brookings Institution, compared people in two 15-year stretches — 1967-1981 and 2002-2016 — when they were generally in their prime working years. The oldest members of the first group are mostly baby boomers. They achieved a 27 percent gain in their median incomes during the 15-year span, adjusted for inflation. By contrast, the oldest members of the second group were mostly millennials. Their inflation-adjusted gain was only 8 percent.

Just what has caused this skewing of incomes is a controversial subject, but the report’s findings generally agree with many other studies. College graduates do relatively well, and labor markets have become more turbulent. In the second 15-year period, 12 percent of people suffered at least one 25 percent drop of income. In the earlier period, the comparable figure was 4 percent.

Continue reading… “The rise of the upper middle class”

Automobiles, Coronavirus, Economy, Science & Technology News, Tesla

Quarterly sales of new cars in California down almost 50%

August 18, 2020

Rosendo Nevarez makes the rounds at John Hine Mazda in Mission Valley on May 26, cleaning surfaces to maintain hygiene standards during the COVID-19 pandemic.

The numbers are in and the economic consequences wrought by the COVID-19 pandemic landed a body blow to new car sales in California, with dealers reporting a drop of 48.9 percent in the second quarter of this year compared to the same three-month period of 2019. Year-to-date vehicle sales are off 26.9 percent.

The statistics reflect the full effect of safety and social distancing protocols that kicked in by mid-March and dramatically curtailed or even temporarily shuttered some showrooms across the state.

“Obviously, with the fuller impact of the pandemic, it was very clear sales were going to drop at the end of the first quarter, beginning of the second quarter,” said Brian Maas, president of the California New Car Dealers Association. “The good news is they didn’t drop nearly as far as we initially feared. And while a nearly 27 percent drop is not ideal, it’s a lot better than it could have been.”

Dealerships have reported signs the market is regaining some footing as the economy tries to crawl back to some sense of normalcy. Economists with the new car dealers association predict new vehicle registrations in California will finish the year 22 percent lower than in 2019, falling from 2.09 million units to 1.63 million. They project the number to rise to 1.81 million in 2021.

Continue reading… “Quarterly sales of new cars in California down almost 50%”