phelps was born near chicago, grew up in suburban new york and later studied at amherst and yale. he's the recipient in addition to the nobel prize of many international awards and honorary degrees. please welcome our guest. [applause]

i don't think the university of amherst is known to be conservative think tank. it's a pretty liberal institution. they say employment falls 3% for every 10% increase in labor costs. follows the logic. if you have only so much to spend on labor and raise the price per unit you will have less units overall. just basic math. >> now, but i don't know about that basic math because chamber of commerce for the district of columbia did this study, commissioned a study and that study did not say there would be a loss of jobs. the one thing they couldn't answer whether there would be dislocation of businesses and they concluded there wouldn't be. yes, you could look at individual business and say, well make they would lay off a person. maybe. melissa: yeah. >> but on the macro, there is not a loss of jobs from raising minimum wage. melissa: yeah we'll have agree to disagree. please continue. >> minimum wage has been stagnant for years. the minimum wage as i said at beginning if it kept the pace with inflation would be $10.77 today across the country. by holding minimum wa

there'se1 ane1 economicst( prof at university of massachusetts amherst who says if we dojf lpt a $15. and hurting thefájfiúsery low-i families. that a higher minimum wage ist( intended to help because they often frequent fast food places meal, lower costxd type of meal. what do you make of those studies, that contradicts what you're saying.e1 >> if foot fad workers' -- fast food workers' wages were raised to $15 ane1 hour, that would be absorbed through a variety of ways. part of that is higheri] prices higher prices. part of it would be absorbed through the savings from lower turnover. the cost of hiring new worker, á workers, unemployment insurance. and then some part of the cost could be absorbed through lower in the f!rç food industry to reduce those franchise fees because the fast food industry is incredibly profitable, $7 billion in profits in the last year. >> do you think they would actually do xdthat, though, low franchise fees? >> the question is how much consumer pressure is there on ddressing the issues of their workers.cxdçó >> xdron,ú2u think $12 an hourf more reasonab

it's less essential because you not doing work in amherst police generally encounter people but quite often police encounter people with emotional disturbance they're going to read and a close distance to most people then i saw the fire. we have three cases right now where police shot and killed each of the individuals and they were not respond to a crime in on what one is soccer channel and senior high plains of the other one is and will allow crews to reach though. an advantage due to circumstances the police were called their ball into the circumstances mr cruise and mr police were called and i loved ones who were concerned about their family members. because private committee. mr chamberlain was sixteen year old retired marine. on the channel and happen to roll over and can trigger this might be mistaken as a pendant that was designed to allow him to call for assistance to the medical emergency. so there are none of these individuals for rent the police to be alright. now all i need somebody that i'm not sure if you're familiar with that i his mother did call the police department

amherst massachusetts tim for that we've got a problem with the video feed cameras weigh in too tight on you so we're just going take your audio from the first ball walk in the program. ok thanks tom i'm here if you will get the video but we're here yeah we got audio there you go thank you. thank you my just tell whoever's there if they can just pull the camera back i think that's that's the problem. that's not the problem ok never mind. so our guys are talking to each other so anyway let me start with you what first of all what got you into your e.r. . what got you what but got me to politics yes what got me in politics well i guess the honest answer would be my sixth grade done it seems a city is crazy school i was part of a group of at the time misfits who weren't cooperating during seventh area so we were corralled and take it into a sister paulette's room where she organized. does it work and part of the busy work we keep working on political campaigns we drew names out of a hat i was fortunate in one nine hundred seventy i drew the name of john tani who at the time was running f

amherst massachusetts for the it we've got a problem with the video feed the cameras way into tight on you so we're just going take your audio from the first ball walk of the program. so you think someone here if you will get the video but we're here yeah we got audio there you go thank you. and thank you might just tell whoever's there if they can just pull the camera back i think that's that's the problem. that's not the problem never mind. so our our guys are talking to each other so anyway let me start with you what first of all what got you into your radar and what got you what you got me to politics as. well i guess the honest answer would be. grade school.

phelps was born near chicago, grew up in suburban new york and later studied at amherst and yale. he's the recipient in addition to the nobel prize of many international awards and honorary degrees. please welcome our guest. [applause] >> thank you very much, professor. pleasure to be here to speak to you about my book, "mass flourishing." the book is about the modern economies as i call them that arose in a few nations in the 19th century. britain and america are at 1820, later germany and france. economies the remained well functioning through the middle of the 20th century. they were a marvel of the world. i wonder was not so much a high wages and wealth. there was rampant prosperity, material and non-material. mark twain spoke of the drive and push and rush and struggle of the regime, caring, booming 19th century. one kind of prosperity was classical. modern economies were achieving growth of economic knowledge, that's growth of productivity. wage rates and working conditions were constantly improving throughout the economy. a worker could just ride the rising tide, and non-mo

mzamo mangaliso is a management professor at the university of massacusetts, amherst. charles villa-vicencio was the national research director in the south african truth and reconciliation commission. he's a visiting professor at georgetown university. penelope andrews i want to start with you. if i can frame it personally first tell us what nelson mandela meant to you growing newspaper south africa, how did you see him? >> well, for me growing up in south africa, certainly nelson mandela was a in many ways a mythical figure. but he also became a sim symbol of what south africa was to become. an mandela has always represented for me as a lawyer, a profound commitment to the rule of law, to constitutionalism and the possibilities of law to change people's lives. and i think he means that to me as a lawyer but also to the vast, large number of people who have looked at south africa's transmission-- transition an seen what the constitution has been able to do, despite the limitations because of poverty and economic inequality that still persists in the country. >> brown:

amherst college, a private college, in order to regroup and get my act together. dear brother. and so the poems that i wrote from homecoming, the first one, became out really very active, you know. talking about everybody. i talked about the "new york times" and my daddy. and my mama too. but at the same time now, you talk about other things. and one of the things i talk about a great deal is about peace. >> well, i hope that we can hear a piece from you, my dear sister. >> oh, right. >> we would love to hear from you there. >> sure. well, i thought it was on. but, you know, as my kids always tell me, mom, you are the worst person when it comes from -- let me just read then a piece i did for max roach, the great percussionist, right? and i probably won't be able to get it all down, because -- but i wrote it for his funeral. and this is simply called "ten haiku" for max roach. nothing ends. every blade of grass remembering your -- ♪ your sounds exploding in the universe return to prayer. ♪ aboom as you drum, your hinds kept reaching for the go, the morning sky so l

specifically, i was a professor at the university of massachusetts in amherst, and very much a part ofvement calling for the university to divest. and whenever we were talking about divestment, we were really thinking about the leader of the anti-apartheid movement, of nelson mandela. >> brown: and what did he mean to people of your generation of that time? >> to people of my generation, nelson mandela stood as the leader of a movement which we could so profoundly associate with. i grew up in the south. i grew up in the days of legalized segregation. and so, whether we called it legal racial segregation or we called it apartheid, it was the same injustice. >> brown: and you walked his long walk to freedom. what did that mean to you when all of that took place? >> the long walk meant for me and for my generation-- and, i think more broadly, for anyone who stands in opposition to what is wrong-- it meant that we had no possibility to give up. here was a man who was making sacrifices that many of us cannot imagine. and so, his determination, his tenacity just meant, how dare you? how dare

the 20% that i saw came from an economist at the university of amherst which is not known for conservative thinking. i mean it is a liberal university. >> right. melissa: they're saying at minimum prices would go up about 20%. you think that is conservative estimate? where did you get your number? >> well that is based on, restaurant industry, restaurant association data but also has put it out but issue how much is the wage going up? if it goes up from 8 to $9, that's a 20% increase that will trickle down. if it goes up to $15, you're doubling cost of labor. if your cost of labor is already 35% around goeses from $8 to $15, now cost of labor will be 70%. food cost is 30%. you're out of business or customer will see gigantic increase in prices. it is really relevant. melissa: it is robot week here on money. we've been showing robots already taking away jobs from human beings. whether you look at manufacturing or where it is. look at restaurants like applebee's and chili's they're introducing tablets at the table to replace part of the wait staff. at what price in a fat burger sense do you

amherst massachusetts tim for the we've got a problem with the video feed the cameras way into tight on you so we're just going take your audio for a minute but first of all walk in the program. take someone here if you look at the video that we're here because we got audio there you go thank you. thank you my just to tell whoever's there if they can just pull the camera back i think that's that's the problem. that's not the problem never mind. so our guys are talking to each other so anyway let me start with you what first of all what got you into your radar and what got you what brought me to politics is what got me in politics well i guess the honest answer would be my sixth grade done it seems to scream school i was part of a group of at the time misfits who weren't cooperating during seventy three and so we were corralled and take it into a sister paulette's room where she organized a sit to do. it work and part of the busy work we keep working on political campaigns we drew names out of a hat and i was fortunate in one nine hundred seventy i to the name of john tani who at the

you are from umass-amherst. all this technology on fifth avenue. >> people shop all the time now.hopping on christmas. it was an alarming number, 16% year on year. >> i need to ask about gift cards, the most popular gifts of the year you but they don't count until they are actually redeemed. how much will the next 2 weeks change what we think about the holiday shopping season? >> you see sales going very high right now. they're trying to move out inventory. it is a big deal. ios users are more inclined to spend. so what about that? does that mean they won't develop apps for android? >> everybody asks if it's the app or the site. we found that the site really matters. better on ane works ios device, you offer but opportunity to sell things. -- might takeaway way, permits rose up 89%? -- department stores up 89%? stunning third jill, thank you. that was fascinating. >> this is how much the big networks will pay to carry nfl games in 2014. ♪ >> this is "bloomberg surveillance." i am scarlet fu, with tom keene and cristina alesci. cooper tires dropping its merger plan. this terminated

associate professor, school of public health and health sciences at the university of massachusetts amhersteciate you being here today. in nebraska we wouldn't even consider canceling a hearing for this little brief flurry that they have here in d.c., or chicago. my gosh. so we are forging ahead and i appreciate the fact that all of our witnesses stayed true. of course you guys probably got here before the panic ensued anyway. we appreciate you sticking tight with us. we'll start, good morning. and welcome all the people here in attendance today. we will be reviewing h.r. 2666, the internet poker freedom act sponsored by my colleague on the committee, mr. joe barton. this legislation addresses a timely issue, the legality of online gaming specifically pertaining to internet poker. today's hearing title aptly describes why we are here. i'm very interested in the state of online gaming in the united states and think the issue is ripe for congress to conduct oversight of this matter. several different factors have led to an environment in the u.s. where the status of online gaming is murky at