Is Wal-Mart good for the economy?

Global Insight's study of Wal-Mart's effect on the economy is available here. A highlight from the press release:

These results were supported by statistical analysis which found that the expansion of Wal-Mart over the 1985 to 2004 period can be associated with a cumulative decline of 9.1% in food-at-home prices, a 4.2% decline in commodities (goods) prices, and a 3.1% decline in overall consumer prices as measured by the Consumer Price Index-All Items, which includes both goods and services.

The main driver of this impact was a 0.75% improvement in the overall efficiency of the economy. Increased capital intensity and lower import prices were secondary drivers. The 3.1% decline in the price level was partially offset by a 2.2% decline in nominal wages, so that the net effect was to increase real disposable income by 0.9% by 2004.

So it reads like Wal-Mart forced down wages, but forced down prices slightly more. Which doesn't sound like a ringing endorsement (though it's definitely better than the reverse).

More studies will be coming out shortly.