WINSTON-SALEM, N.C.—Seventy-two percent of economists who participated in a study by Wake Forest University said a Walmart store generates more benefits to society than costs.
According to a Wake Forest statement, Robert Whaples, chair and professor of economics at the university, said even consumers who don’t shop at a Walmart benefit because the store’s presence forces other retailers to lower their prices. The statement noted that Walmart has come under attack from critics who blame the retailer for the “demise of small-town America,” and who question its labor practices and overall economic impact. Whaples termed these views “misguided,” adding that economists have observed “huge gains to consumers and some labor-market effects but very small ones” relating to the presence of a Walmart in a community.
The statement said a recent poll by the CBS program “60 Minutes” and Vanity Fair magazine found that 48 percent of Americans picked Walmart as the company that “best symbolizes America today.”