Alright, I probably don't know as much on a technical level, but pure statistics and reasoning, 70% of the U.S. economy is consumer spending. Around 2012, 400 of the richest Americans made more then half of the U.S. population did. These people that make 1000x as much as the every day american aren't going to buy 1000x as many things. You give people less money to buy with, they're not going to be able to afford to buy the shit all these big companies are selling. The economy will in turn not grow, and everyone living on minimum wage will continue to attempt to make ends meet.
Donald Trump (and other election 2016 talk)
in some places the minimum wage is non-binding even for these lower-level jobs, so they're gonna pay people above the minimum wage if they wanna get people to work for them anyway.
Regardless, even if that weren't the case, i would rather have a minimum wage that's below the living wage than increased unemployment, which introduces a myriad of other problems.
do you realize how far quantity supplied of workers would exceed quantity demanded of workers if the minimum wage were increased? Do you realize how devastating a binding price floor would exist at even a level of say $10 or $11? Of course you don't. Hell you probably don't even know what the fuck that is, i hope you go look it up for your own benefit. It helps with actually being able to evaluate policies reasonably instead of just making assumptions about what should be done on a prescriptive basis.
For the most part, you could use economic concepts from a high school class to understand the high opportunity cost that exists when you raise the minimum wage.If people understood things like price controls and deadweight losses at a basic level, then I don't think they would support this policy.
That's a good point. Not all economists would agree with me, and they're way more qualified than myself. Obviously, you'll find a lot that do though, and for the reasons I'm pointing out.
The reason many economists support a small increase in the minimum wage are for a lot more complex reasons than the support I've offered, but I think a lot of it is just ignoring the long-term effects for short-term gains as well. A lot of it comes down to cost-benefit preferences too.
What irked me to even make remarks about this whole topic is when people give the wrong reasoning for wanting to increase the minimum wage. When people say things like we need to up it in order to help the lower-skilled workers have more disposable income and so forth, it shows a lack of consideration for all parties involved. There's more to it than just the lower-skilled workers.
Lit. Review on Minimum Wage Research: http://cobe.boisestate.edu/allendalton/files/2014/02/Neumark.Wascher_Min...
Considering the decrease in the real value in the minimum wage in a vacuum can be misleading; should also see what has happened with other policies, such as the EITC: http://economix.blogs.nytimes.com/2013/12/09/the-minimum-wage-aint-what-...
Davo, pick up Nozick's ASU and flip to page 18, first paragraph.
this is the post I was waiting for.
Lit. Review on Minimum Wage Research: http://cobe.boisestate.edu/allendalton/files/2014/02/Neumark.Wascher_Min...
Considering the decrease in the real value in the minimum wage in a vacuum can be misleading; should also see what has happened with other policies, such as the EITC: http://economix.blogs.nytimes.com/2013/12/09/the-minimum-wage-aint-what-...
Davo, pick up Nozick's ASU and flip to page 18, first paragraph.
That's 3 fairly broad reviews of the literature and data posted on it. Over/under on people bothering to read them?
Also, great point about e.g. the EITC. Along those lines, I've long believed that one of Milton Friedman's best ideas was the negative income tax.
Also, what edition are you on? With my bedside reader I'm not following.
no reason to be a bitchIt's all the existential angst. Don't pay him any attention.
dude, how do you function with your head so far up your ass? did you not see the absolutely ridiculous sources you tried to cite and got blasted for? you'd probably be expelled from a university from that level of cockiness and stupiditiy and yet you continue to try to pass yourself off as the smoothest guy around.
didn't wanna say this but fuck it: its no wonder this is what you turned this site into if this thread is any reflection of your level of arrogance.
the impression nv1 has given off by telling someone to not pay any attention to someone who just told that person to fuck off -> the reason for thf's extreme decline in activity
or
the impression nv1 has given off by providing sketchy sources in a debate regarding wealth inequality -> the reason for thf's extreme decline in activity
c'mon m8 you can do better than that
..or maybe over the past couple of years, thf has only seen a spike in traffic when someone has 1. complained about the website or 2. complained about someone who's running the website. i like the way you think rhis
Not that they were fooling anyone before, but anyone who still supports Trump after reading this is confirmed racist. I would love to see someone try to dispute that.
yeah but you could always vote for whoever wants to improve accessibility to education n then get one yourselfI'm just trying to vote for whoever doesnt raise my taxes more and doesn't give my money to the people that don't want to work and abuse the welfare system
trump smells like a skunk that fell off a stump, all he wants is some love.
anyways... obama will declare martial law and reign international terror...with
Super Tuesday tomorrow. Marking in the bubble beside Donald Trump's name.Not that they were fooling anyone before, but anyone who still supports Trump after reading this is confirmed racist.
Morpheus414
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9th consecutive year voting for Nader.
We'll fucking take office sooner or later!!!
