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Thread: Minimum Wage

  1. #1
    Occasional Member Evan's Avatar
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    Default Minimum Wage

    So....why the hell has California raised their minimum wage twice in the last two years? Seems pretty retarded to me.

    What do y'all think?

  2. #2
    ^He pronks, too! Magic Poriferan's Avatar
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    Quote Originally Posted by Evan View Post
    So....why the hell has California raised their minimum wage twice in the last two years? Seems pretty retarded to me.

    What do y'all think?
    What would you suggest in its place?
    Go to sleep, iguana.


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    Occasional Member Evan's Avatar
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    Quote Originally Posted by Magic Poriferan View Post
    What would you suggest in its place?
    Not raising it...

    If unemployment is a problem, why make it so that businesses can't afford to hire as many people?

    If I was unemployed, I'd rather have a $7 per hour job than no job.

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    Senior Member JHBowden's Avatar
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    So....why the hell has California raised their minimum wage twice in the last two years?
    Because most voters don't understand how a price floor works.

    It is as if we could help out everyone by raising the wage to $20.00hr -- but we'd create unemployment, since some businesses would shed workers and automate, and others would go under, unable to price their goods and services competitively with higher labor costs.

    The response I get from socialists is, why can't we help out a little? Which only proves that they just do not get the idea of marginalism, and probably have no idea of the concept of a mathematical derivative, a rate of change, et cetera.

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    mountain surfing nomadic's Avatar
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    yeah given our deflationary environment, raising the minimum price wage hurts.

    thats a reason why politicians don't always grow the economy in the right way. You need to adjust for ebb and flows, and politicians are not the best equipped to do that. your average housemom could probably adjust for economic ebb and flows better than your average congressman on the take.

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    mountain surfing nomadic's Avatar
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    Quote Originally Posted by JHBowden View Post
    The response I get from socialists is, why can't we help out a little? Which only proves that they just do not get the idea of marginalism, and probably have no idea of the concept of a mathematical derivative, a rate of change, et cetera.
    and mathematical economists have no idea how to adjust for that derivative when the rules of the game through business cycles starts to change.

    thats why theoretical economists > mathematical economists.

    I eat the Chicago School for breakfast. =D

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    Senior Member Dooraven's Avatar
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    Raising the minimum wage in a booming economy is a good idea as it prevents workers from being misused by businesses and guarantees they are compensated for their increased workload.

    Raising the minimum wage now (during a recession/recovery) is a short sighted move at it increases compensation with a decrease or stagnation of workload - thus lowering productivity overall. Decreasing it is a better option during a recession and keeping it the same should be done during periods of stagnation.
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    mountain surfing nomadic's Avatar
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    I call my new school of Economic thought the West Coast School of New Economics. Originated in Berkeley during the mid to late 90s based on the New Economy.

    Come join me. =D

    All those old schools of thought, all they offer you is the same ole same ole, based on retaining their own tenured positions, and they cannot offer explanations for all of the recent economic phenomenoms of the mid 90s up until today.

    If you seek the truth, regardless of how much money you make from aligning yourself from an established school of thought, I want you to join the West Coast School of New Economics. If you don't care about the truth, and only about defending traditional lines that are outdated, please by all means, traditional economics is your key. Remember, the safest way to join the traditional archaic school is to be a mathematical economist, so you can map out equations for what the theoretical economists tell you to do. But remember if those theoretical economists you slave under really seek the truth or not. Can they AFFORD to seek the truth?

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    pathwise dependent FDG's Avatar
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    Quote Originally Posted by nomadic View Post
    and mathematical economists have no idea how to adjust for that derivative when the rules of the game through business cycles starts to change.

    thats why theoretical economists > mathematical economists.
    I don't think that's true, I haven't met any decent model of unemployment that doesn't depend at least quadratically from min. wage (first min. wage too low, opportunity cost of leisure is higher for the worker, then min. wage too high, opportunity cost of not producing is higher for the firm). Raising min. wage during a recession is just a populistic maneuver.
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    Senior Member Survive & Stay Free's Avatar
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    Its to increase the circulation of money in the economy, true raise it too far and there are disincentives for hiring but equally so if people have more money in their pockets they have more disposable income to spend as consumers and businesses can grow.

    This is probably a wiser move than the wall street bail outs, main street spends more of their disposable incomes than wall street who invest and save, taking the money out of the economy altogether.

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