Restaurant Shocks: Maximum Impact of the Minimum Wage

Raising the federal minimum wage has long been near the top of the agenda for the Democratic party. It’s remained stagnant at $7.25 for more than a decade, and Joe Biden wants to more than double it to $15 if he’s elected president. That increase would have a disproportionate effect on the profits of businesses … Continued

iHeartMedia: Radio’s Long Game

Creative destruction displaces obsolete products and services—along with the aging companies that provide them. Austrian economist Joseph Schumpeter, who coined the phrase, called it “the essential fact about capitalism.” It’s a process that explains why Tesla exists and the Durant-Dort Carriage Company doesn’t. But a late 19th century contemporary of Durant-Dort remains alive and well … Continued