Word: unpaid
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...Economists have long noted imperfections in how GDP - the market value of all goods and services produced in an economy - is calculated. For instance, unpaid work that might benefit society, like raising children, is not included in the calculations. Societal failures, however, often are: the cost of keeping 2 million people in prison boosts the U.S.'s GDP, as does fuel sales, despite the correlation with traffic congestion and pollution. Sustainability is also ignored - a heavily wooded country could see its GDP skyrocket if it turned over all its land to loggers. (See 10 ways your job will change...
...Fixed costs such as paper, printing and delivery have been drastically reduced. From a staff of 316 at the News in May 2008, AnnArbor.com has a full-time staff of approximately 60, about 35 of them "content creators" (reporters) - plus some 80 from the "preferred blogging community," the majority unpaid - according to AnnArbor.com president and CEO Matt Kraner. Rather than looking like a news-media website, AnnArbor.com deliberately reads more like a social-media site, with equal weight given to reports on a new diner and the proposed city income tax. Ads - known as "deals" - are incorporated into the feed...
...even, or especially, for the free stuff. Some journalism could become a kind of volunteer work, performed by eyewitnesses, passionate amateurs or professionals in other fields who use journalism as a loss leader to sell their books or build their brands. (That's the model of the legion of unpaid writers at the Huffington Post.) Even if you filter your own news from Twitter, you're paying in time and effort. (Watch an interview with Arianna Huffington...
...most discouraging news remains Citi's loan portfolio. The bank's costs for bad loans jumped in the quarter by 81%, to $12.4 billion. The percentage of loans the company expects to go unpaid also continued to rise, though slightly less than before. Still, Citi's loans are going bad faster than those of many of its rivals. In the third quarter, the bank had a so-called net charge-off ratio, which is the percentage of loans that are likely to not be paid back compared to total loans, of 5.1%, according to CreditSights. That compares to a charge...
...Board of Regents approved on July 16 an emergency budget plan that would force 80% of the system's 180,000 employees to take unpaid furloughs of 11 to 26 days over the next year. UC president Mark Yudof said the furlough plan was preferable to layoffs in an enormous system that includes five medical centers, three national laboratories and 225,000 graduate and undergraduate students. UC officials have yet to secure agreement on the furlough plan from the unions that represent 35% of university employees. (See pictures of the career of California First Lady Maria Shriver...