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View Poll Results: Should minimum wage be abolished?

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  • Yes.

    10 18.52%
  • No.

    39 72.22%
  • I don't know.

    5 9.26%
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  1. #171
    Dreaming the life onemoretime's Avatar
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    Quote Originally Posted by freeeekyyy View Post
    I see wage cuts, but not jobs cuts. Wage cuts become irrelevant because the wages mean more, and jobs cuts from not having to pay as much doesn't even make sense.
    There are job cuts because they don't need to produce as much stuff, since the overproduction creates a state of disequilibrium, where the maximum revenue will come at a lower quantity supplied than the theoretical market-clearing price for supply S and demand D, since the priority will be clearing existing inventories.

  2. #172
    Dreaming the life onemoretime's Avatar
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    Quote Originally Posted by freeeekyyy View Post
    Oil prices aren't out of our control. We control them by buying or not buying oil at a particular price.
    Petroleum is a highly inelastic good.

  3. #173
    not to be trusted miss fortune's Avatar
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    can anyone actually prove for me statistically that there is a correlation between minimum wage rates and unemployment... while taking into account false causalities and such?

    pretty please, since this computer is unfortunatly lacking even Excell as far as stats programs go
    “Oh, we're always alright. You remember that. We happen to other people.” -Terry Pratchett

  4. #174
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    Quote Originally Posted by Athenian200 View Post
    Yeah? Well, I'd like to go on it and show you I could handle it better than those other people.
    You actually might, being an INFJ and all. Not to stereotype but I think an INFJ would be highly likely to reflect on the ethics of the situation and be able to bear it for that reason...perhaps even internalize it as a learning experience to relate to what people in other stations in life must endure.

  5. #175
    Senior Member ScorpioINTP's Avatar
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    Quote Originally Posted by freeeekyyy View Post
    How does a dollar worth twice as much not increase the wealth of everyone making that dollar?
    You are oversimplifying. You are assuming I make widgets and I was half the workforce, so productivity doubled (stayed the same) (and that still wouldn't have the net effect of doubling the value of the dollar). Or you completely miss the point.

    In my case 10% workforce reduction (work volume was at least 25-30% slower, profits lower, liquidity crisis, falling asset prices etc. caused the layoff). It had nothing to do with doubling productivity. Plus I worked in accounting, which is overhead costs and expendable.
    Type 6w5 sp/so/sx I think..I have not fully explored this and just discovered it.

  6. #176
    Cheeseburgers freeeekyyy's Avatar
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    Quote Originally Posted by onemoretime View Post
    There are job cuts because they don't need to produce as much stuff, since the overproduction creates a state of disequilibrium, where the maximum revenue will come at a lower quantity supplied than the theoretical market-clearing price for supply S and demand D, since the priority will be clearing existing inventories.
    I can accept that, but then what happens? You can have the total collapse of one industry, but then others, where demand is higher, will appear to take their place.
    You lose.

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  7. #177
    Uniqueorn William K's Avatar
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    Quote Originally Posted by freeeekyyy View Post
    Oil prices aren't out of our control. We control them by buying or not buying oil at a particular price.
    Yes you can choose not to buy, but there are other countries with much larger populations who may be willing and able to pay the higher prices.
    4w5, Fi>Ne>Ti>Si>Ni>Fe>Te>Se, sp > so > sx

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  8. #178
    Cheeseburgers freeeekyyy's Avatar
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    Quote Originally Posted by onemoretime View Post
    Petroleum is a highly inelastic good.
    That's because the economy demands oil. It's not out of control though, it's just a necessity.
    You lose.

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  9. #179
    Senior Member ScorpioINTP's Avatar
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    Quote Originally Posted by William K View Post
    And if the price of something that is beyond US control like say oil prices remain at the same dollar amount?
    Oil prices don't work in pure economic theory...most things probably don't either I guess. Much of the spike in prices is speculators, then throw in OPEC price fixing and normal supply/demand. Exxon was on TV yesterday saying there is plenty of oil to be had.
    Type 6w5 sp/so/sx I think..I have not fully explored this and just discovered it.

  10. #180
    Cheeseburgers freeeekyyy's Avatar
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    Quote Originally Posted by ScorpioINTP View Post
    You are oversimplifying. You are assuming I make widgets and I was half the workforce, so productivity doubled (stayed the same) (and that still wouldn't have the net effect of doubling the value of the dollar). Or you completely miss the point.

    In my case 10% workforce reduction (work volume was at least 25-30% slower, profits lower, liquidity crisis, falling asset prices etc. caused the layoff). It had nothing to do with doubling productivity. Plus I worked in accounting, which is overhead costs and expendable.
    I understand that this is true if only one person's wages go down. He's making less, period. But the more people who make less money, the greater the value becomes of that dollar. If you eliminate minimum wage, a lot of people will be making less money, not just a few.
    You lose.

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