True, the role of the apple in the American economy is significantly more impactful.
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Which is why the Apple iPod economy will snap the shovel economy forward.
New York's mayor, Michael Bloomberg, a liberal Republican, pointed out last week at a Senate town-hall hearing in Philadelphia that the Big Apple's economy would collapse without the half-million or so undocumented people among the city's 3m immigrants.
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"What we might see at WWDC is Apple opening up the app economy approach they've had with the iPhone and iPad to the Apple TV, " Gartner analyst Michael McGuire told Wired.
People who buy Coca-Cola drinks and Apple iPhones drive the economy just as much as those who buy Coca-Cola or Apple stock.
Indeed, even the most ardent worshippers of big government would have trouble asserting that the Departments of Commerce, Energy and Labor add more to the economy than do Apple, Walmart, and Cisco Systems.
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During Giuliani's tenure the Big Apple's economy blossomed: 423, 000 new jobs were created.
At one end of the rubber band is the economy that can turn out Apple iPods to perfection.
Many economists have complained that the decision by many highly profitable big companies such as Apple to sit on the cash they earn until the economy is showing clearer signs of recovery is itself one of the main reasons why the US recovery is taking so long to gain traction.
Apple is the embodiment of the global economy, sourcing its products from China and elsewhere and selling them the world over.
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By Greider's logic, the Apple iPod is wrecking America's economy.
So what does Apple's dominance reveal about the economy and the stockmarket?
The economy looks pretty rosy from where Apple's Steve Jobs sits.
More than that though, Apple played to a view of the global economy that fits very well with how the American intelligentsia and business elite see it.
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He is now richer, the apple grower is now poorer, and the economy is worse off due to the central bank having distorted the natural allocation of value created through free interactions in the market.
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By crushing Nokia, Apple and Google took 5% out of the Finnish economy, wiped out the post-Psion, British OS Symbian, which had already found its way into over 350 million smartphones, and relegated Nokia to the status of struggling niche player, dependent on another US company, Microsoft, just at the point where it was going to write a new chapter in mobile, augmented reality and mapping.
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Those who are employed directly by Apple then spend the money they earn creating more jobs in the economy as a result of those wages being spent.
It's not an apple that's going to fall into his lap because the economy is weak.
We need only look at the leading lights of the information economy, companies such as Google, Amazon, Apple, and Facebook, to understand this.
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Explanatory reporting: The New York Times staff for its penetrating look into business practices by Apple and other technology companies that illustrates the darker side of a changing global economy for workers and consumers.
During Giuliani's tenure the Big Apple (nasdaq: AAPL - news - people )'s economy blossomed: 423, 000 new jobs were created.
Bottom line: Apple, like Silicon Valley itself, is setting a pace way ahead of the rest of the economy.
Someone who wants to get out of the "slow growth" U.S. economy and into "fast growing" emerging markets is selling Apple stock to buy Samsung.
Blitzer also brushed off a Forbes question about whether not having names like Apple and Google means the Dow is being left behind by the newest technology in the U.S. economy.
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Apple is claiming that it creates, or has created and currently supports, 514, 000 jobs in the US economy.
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