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Thread: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recession

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by Henrin View Post
    A machine will pay for itself in time and considering that it will produce more than many workers combined there is no reason to think keep wages low holds of automation for long.
    A machine pays for itself in time assuming that A) it is lower cost than labor and B) it is given time to do so. Artificially changing A does not make for the most productive allocation of resources. It's like saying let's jack gasoline up to $10 / gallon on the theory that that will lead us to develop alternatives - well, yes, but that doesn't mean that it would be economically beneficial.

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by Kushinator View Post
    Why does it seem so wildly inaccurate?
    Because there are a multitude of employers of low-skill labor. Not a single purchaser.

    Are you saying firms do not have wage making power?
    Wal Mart workers in South Dakota are making $17 an hour. No. If all businesses in a given area can be demonstrated to be colluding in order to depress wages, then I suspect they can be held in violation of anti-trust law. Businesses have incentive to pay (over the long haul) as little as they can in return for the highest quality labor they can find, just as workers have incentive to maximize their return while reducing their costs.

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by imagep View Post
    Click on the individual links on that page. Notice that every single one has a section that explains the exceptions.
    Doesn't change that there are exceptions. Call your independent contracting employee a paperboy and have them each bring you a newspaper everyday. If women will pay the business for the privilege of waiting on their ass grabbing customers all things are possible.

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by imagep View Post
    Sure, but that doesn't negate the fact that they don't make decisions based upon what is best for a healthy macro-economy.
    Yeah its much better when politicians do it.

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by cpwill View Post
    Because there are a multitude of employers of low-skill labor. Not a single purchaser.
    You're employing the static approach. In order to understand how dynamic monopsony impacts low skilled/ low wage labor markets, we need to refer to job search frictions and exploitation of information assymetry, e.g. potential employees are typically aware of position vacancies.

    Wal Mart workers in South Dakota are making $17 an hour. No. If all businesses in a given area can be demonstrated to be colluding in order to depress wages, then I suspect they can be held in violation of anti-trust law. Businesses have incentive to pay (over the long haul) as little as they can in return for the highest quality labor they can find, just as workers have incentive to maximize their return while reducing their costs.
    Employers in LS/LW industries have greater bargaining power due to an information mismatch as described above.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by ocean515 View Post
    I think you got that confused there. When you shut down job opportunities for young people, and lock people into a slot titled "Living Wage", "Here's nothing more" becomes your preamble and mission statement.

    That's rather hateful in my book.
    Yes, everyone knows that it's called "minimum wage" because once you make that, you're "lock into" it and can't make more
    Quote Originally Posted by matchlight View Post
    Justice Thomas' opinions consistently contain precise, detailed constitutional analyses.
    Quote Originally Posted by jaeger19 View Post
    the vast majority of folks that need healthcare are on Medicare.. both rich and poor..

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by imagep View Post
    Someone else said it was to boost demand, someone else said it was to outprice the value of child labor, someone else said it was to incentivize capital investment.

    I wish you guys could make up your mind.
    I was the one who said it was to boost demand, and I posted the link that proved it. It was passed during the depression in order to put money in people's pocket and it wasn't meant to outprice child labor out of the market because the same law that established the first MW at $0.25/hr also outlawed child labor. IOW, they didn't have to set a MW to get children out of the labor market - they outlawed child labor instead.

    Here's the link again
    http://www.dol.gov/dol/aboutdol/history/flsa1938.htm
    Quote Originally Posted by matchlight View Post
    Justice Thomas' opinions consistently contain precise, detailed constitutional analyses.
    Quote Originally Posted by jaeger19 View Post
    the vast majority of folks that need healthcare are on Medicare.. both rich and poor..

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by cpwill View Post
    By that standard, every form of employment is monopsony
    So jobs which go unfilled because there aren't enough people who know how to do them are experiencing monopsony?

    I think you need to go Google the meaning of the word again
    Quote Originally Posted by matchlight View Post
    Justice Thomas' opinions consistently contain precise, detailed constitutional analyses.
    Quote Originally Posted by jaeger19 View Post
    the vast majority of folks that need healthcare are on Medicare.. both rich and poor..

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by US Conservative View Post
    If an employers labor expenses are raised through legislation, the employer has the options of reducing the number of hours worked by each employee, or of laying off an employee.
    Spoken like someone who has never run their own business.

    There are a number of additional options the business owner has such as cutting non-labor expenses (ex expenses for materials by buying cheaper materials), reducing non-wage compensation (such as vacation time) reducing profits, raising capital by selling company owned stock, and several other options.
    Quote Originally Posted by matchlight View Post
    Justice Thomas' opinions consistently contain precise, detailed constitutional analyses.
    Quote Originally Posted by jaeger19 View Post
    the vast majority of folks that need healthcare are on Medicare.. both rich and poor..

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by Deuce View Post
    Your employer is "willing" to pay the absolute minimum possible.

    However, the value of that labor is higher than the pay. By definition.
    Value is relative. If your work is as valuable as you want to claim, then you will be paid and treated according. All that truly matters is the price you are willing to charge and the price the employer is willing to pay.

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