Here is a video describing how the managers manipulated the system.
BOTTOM LINE: if you use a performance evaluation metric, like wait times, make sure that managers cannot manipulate it.
HT: Walter & Jack
The best achievements of European institutions have all stemmed from removing restrictions—to trade, travel, residency and financial transactions. But for at least 30 years, the EU has mainly been in the business of imposing restrictions on everything from the judicial sentences that national courts can impose to the shape of the vegetables that Europeans get to eat. Stealth Europe transmogrified into Busybody Europe.
Anything resembling the post-World War II trend of Americans streaming to the suburbs appears unlikely given the difficulties many debt-strapped young Americans face in buying a home. Still, the Census numbers show a cooling off in the growth rate of urban dwellers..
That shortage of skilled labor in many markets has spurred contractors to boost pay scales, often to boom-time levels and beyond—expenses that have been passed on to buyers for as long as they will tolerate the higher prices. In recent months, buyers finally have balked, resulting in sluggish sales of new homes so far this spring.
A labor shortage tends to hit home buyers both with higher prices and expensive delays, said David Crowe, chief economist of the National Association of Home Builders. "It's a direct impact on the cost of the home because you have to pay more for the resources to build it," he said. "And it's an indirect increase because it delays final delivery of the home, and that costs money, too."
"We are using 50% more resources than the Earth can sustainably produce, and unless we change course, that number will grow fast—by 2030, even two planets will not be enough," says Jim Leape, director general of the World Wide Fund for Nature International (formerly the World Wildlife Fund).
Until about 10 years ago, it was reasonable to expect that natural gas might run out in a few short decades and oil soon thereafter. If that were to happen, agricultural yields would plummet, and the world would be faced with a stark dilemma: Plow up all the remaining rain forest to grow food, or starve.
But thanks to fracking and the shale revolution, peak oil and gas have been postponed. They will run out one day, but only in the sense that you will run out of Atlantic Ocean one day if you take a rowboat west out of a harbor in Ireland. Just as you are likely to stop rowing long before you bump into Newfoundland, so we may well find cheap substitutes for fossil fuels long before they run out.
We wrote a managerial economics textbook (Amazon, Barnes & Noble, Cengage) to teach students how to solve business problems (7 min. video). We started this blog to support those who use the book, and to keep up with developments in the field.
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