In "Do the Rich Save More?", economists Karen Dynan, Jonathan Skinner and Stephen Zeldes found a strong relationship between personal savings and income. However, other research suggests the opposite conclusion. Julia Lynn Coronado, Joseph Lupton and Louise Sheiner of the Federal Reserve studied (PDF) the effects of the 2003 tax cuts' child credit and found that the rich were actually more likely to spend most of the credit. Most of this is due to the fact that high earners were less likely to have to pay off debt:Britain debates raising the retirement age faster than previously envisaged (The Economist)
Disney teaching Chinese children English with plans to double the number of students every year (The Economist)
Each lesson is assisted by virtual mermaids, ducks, mice and other Disney icons. Touch the answer to a question (a fried egg, for example) on one screen, and it plops out of the sky on the other.Move over "Eat at Joe's." "Read Ayn Rand" writ very, very large (HT: MR)
Boudreaux on the local food movement: Why only food?
Does he promote community by wearing only clothes made from locally grown fibers and woven at local mills? When he is ill, does he stick to his principle of not swallowing the cold logic of global economics by refusing also to swallow any pharmaceuticals not made locally? Does he drive a locally manufactured automobile? Is the furniture in his home and office made only of materials found in or near Harlemville? And are the novels he reads, the musical composition he listens to, and the movies he watches only those that are produced locally?Zombie ants (HT:MR):
The oldest evidence of a fungus that turns ants into zombies and makes them stagger to their death has been uncovered by scientists.