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#22
12-02-2006, 10:52 PM
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Re: Minimum Wage in the UK - Reality V Theory
[ QUOTE ]
Where'd the first three posters in this thread go? [img]/images/graemlins/smirk.gif[/img] [/ QUOTE ] You rang? We have this thread every couple of days. I didn't think it necessary to prepetuate this one. 
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#23
12-02-2006, 11:33 PM
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Re: Minimum Wage in the UK - Reality V Theory
[ QUOTE ]
[ QUOTE ] Where'd the first three posters in this thread go? [img]/images/graemlins/smirk.gif[/img] [/ QUOTE ] You rang? We have this thread every couple of days. I didn't think it necessary to prepetuate this one. [/ QUOTE ] Then what was the point of your first post? Seems like you want to just take shots at people.
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#24
12-02-2006, 11:41 PM
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Re: Minimum Wage in the UK - Reality V Theory
[ QUOTE ]
Empirical data cannot supercede (correct) theory in the social sciences, because what is logically derived from true premises is itself true. [/ QUOTE ] Wow. If your "true" theory is not subject to being disproven by empirical data, then perhaps it is because it has no application in the real world. This is the basis of good social science. That said, I am against an increase in minimum wage. I have always come down in the camp of an increase would add no value to the economy because they will still perform low skilled meanial work.
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#26
12-04-2006, 08:21 AM
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Re: Minimum Wage in the UK - Reality V Theory
This is not just in the UK...time and time again raising the minimum wage has not lead to poor results.
26 states plus the Washington D.C. have brought in minimum wage increases recently. How many times does increasing the minimum wage need to be successful?
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#27
12-04-2006, 09:50 AM
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Re: Minimum Wage in the UK - Reality V Theory
One thing that I find curious that no one brings up is that all countries in question (US, UK, various EU countries etc) have unemployment benefits and other welfare programs in place.
Obviously this must distrort the behaviour greatly?!? If we for example have the hypothetical situation that uneployment benefits are $7/hr in some country. Wether minimum vage is then set at $5/hr or $6/hr should be of no consequence. In a less extreme and perhaps more realistic example increasing mimimum wage from $5 to $6 in a society where unemplyment benefits ars $4/hr doesn't increase the value of holding a minimum wage job by 20%, it doubles it! /Bjorn
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#28
12-04-2006, 10:46 AM
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Re: Minimum Wage in the UK - Reality V Theory
[ QUOTE ]
You're right that a higher minimum wage will harm *more* jobs and $5 minimum wage will harm *fewer* jobs. natedogg [/ QUOTE ] well. it hurts companies, because it cuts into profits and in some cases makes the company unprofitable. those companies that cannot operate without abusing workers really shouldn't be operating at all, since in a properly working labor market, those companies would not be able to attract any workers. low wage workers have always had to accept whatever wage they were given and they are unable to without labor unions to drive their salaries to there true market level. minimum wage has almost no effect on employment because the vast majority of low wage jobs are so low because companies know those workers can't quit. those lost jobs get replaced by more productive jobs benefiting the economy.
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#29
12-04-2006, 11:03 AM
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Re: Minimum Wage in the UK - Reality V Theory
[ QUOTE ]
This is not just in the UK...time and time again raising the minimum wage has not lead to poor results. 26 states plus the Washington D.C. have brought in minimum wage increases recently. How many times does increasing the minimum wage need to be successful? [/ QUOTE ] Harold Shipman was the most successful person ever in his chosen endeavor. Should his demonstrated record of success been considered justification for him to continue his activities?
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#30
12-04-2006, 11:11 AM
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Re: Minimum Wage in the UK - Reality V Theory
[ QUOTE ]
since in a properly working labor market, those companies would not be able to attract any workers. low wage workers have always had to accept whatever wage they were given and they [/ QUOTE ] Why are those companies able to attract workers in the current market? Who is forced to accept whatever wage he is given? Why does the McDonalds I was in last night have a sign listing tons of benefits they give to "low wage workers" above and beyond what is required by law (including "starting" (note that it *increases*!) pay of $7/hour)? Since low wage workers have to accept whatever they are given, why would they ever pay over the minimum requirement??? While I was eating there I didn't see anyone spontaneously start working there because he "had to accept" the job. Of course, I wasn't there very long. [ QUOTE ] are unable to without labor unions to drive their salaries to there true market level. [/ QUOTE ] Why is that? Are consumers unable to drive prices to market level without large-scale organization? [ QUOTE ] minimum wage has almost no effect on employment because the vast majority of low wage jobs are so low because companies know those workers can't quit. [/ QUOTE ] Huh? [ QUOTE ] those lost jobs get replaced by more productive jobs benefiting the economy. [/ QUOTE ] If this is the case, instead of raising the minimum wage we should simply outlaw low-wage jobs. Then we'd have additional "more productive" jobs, right? Then we could outlaw the new lowest-wage jobs. After a few cycles, everyone will have a highly productive, high-paying job, right?
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Linear Mode
