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Thread: How a powerful rightwing lobby is plotting to stop minimum wage hikes [W:33]

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    Re: How a powerful rightwing lobby is plotting to stop minimum wage hikes

    Quote Originally Posted by upsideguy View Post
    You each could use a course in economics. Prices are set by the market; not by the supplier of the product. The ability of a player in the market to change prices is governed by a concept known as price elasticity. To the degree the commodity / product is high inelastic, such as oil, the companies can pass costs along and not bear as much of the cost themselves. To the extent the commodity / product is highly elastic, then they have little latitude to off-load costs in the form of price increases and eat more of the cost themselves. Much of the travel industry, particularly airlines, have a high degree of price elasticity.

    Price elasticity of demand - Wikipedia, the free encyclopedia
    Price Elasticity of Demand

    Now granted, in inefficient markets with oligopolistic participants, there is generally less price elasticity than in a free market.... but, generally less does not mean that companies can dictate prices.

    Companies already set prices to maximize revenue based upon what the market will bear. If companies could simply dictate the price, they would naturally just charge more. But, they can't, so they don't.
    There you go. Companies set prices. They can set it to whatever they want. It does not mean we have to buy it.
    We went from sticks and stones may break my bones but words will never hurt me to safe spaces.

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    Re: How a powerful rightwing lobby is plotting to stop minimum wage hikes

    Quote Originally Posted by stonewall50 View Post
    You could talk to a business owner. Ask them what they do when minimum wages are hiked. I know what good businessmen do.

    Btw the "market" is a non existent thing. It doesn't actually set a price. It simply decides what a good price should be in a theoretical sense.

    As far as companies go: your argument defeats itself. Your argument is that a company can't raise costs because the consumer doesn't have the money to pay. You increase the pay of all consumers then a company CAN raise prices.
    I am a business owner, with 80 employees. Although I pay above minimum wage, I am getting squeezed by a tight labor market. My payroll costs were up 10% last year. I can not simply pass that cost to the customer, the market will not bear it. Apparently you are not a business owner or you would understand these limitations,

    My argument is basic economic price theory. I provided you cites. Your argument is your impressions, which are not correct and your stubbornness to argue things you do not know and will not learn.

    BTW, my argument is NOT that a company can't raise prices because consumers do not have the money to pay... not even close.

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    Re: How a powerful rightwing lobby is plotting to stop minimum wage hikes

    Quote Originally Posted by Blue_State View Post
    There you go. Companies set prices. They can set it to whatever they want. It does not mean we have to buy it.

    OK, and then when they have lost revenue because they set the price too high, they are "forced" to lower the price to the level that will once again maximize revenue.

    If a company seeks to maximize profit, it will tend to seek to maximize revenue. If it seeks to maximize revenue, it will settle on the maximum price the market will bear.

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    Re: How a powerful rightwing lobby is plotting to stop minimum wage hikes

    Quote Originally Posted by upsideguy View Post
    I am a business owner, with 80 employees. Although I pay above minimum wage, I am getting squeezed by a tight labor market. My payroll costs were up 10% last year. I can not simply pass that cost to the customer, the market will not bear it. Apparently you are not a business owner or you would understand these limitations,

    My argument is basic economic price theory. I provided you cites. Your argument is your impressions, which are not correct and your stubbornness to argue things you do not know and will not learn.

    BTW, my argument is NOT that a company can't raise prices because consumers do not have the money to pay... not even close.
    you can only speculate what the market bears prior to taking a product/service to market. So your opinion is duly noted, but is not very convincing in a debate setting such as this

    If government fiat increases operating expenses, the market may bear the price increase, and it may not.

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    Re: How a powerful rightwing lobby is plotting to stop minimum wage hikes

    Quote Originally Posted by Mason66 View Post
    Don't purposely misunderstand what I was trying to say.
    Clarification should be provided when the statement "Private Citizens can do whatever they want" is made
    Give a man a fish and he can eat for a day. Teach a man to fish and he can sit in a boat, drinking beer all day while you fool around with his Woman.

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    Re: How a powerful rightwing lobby is plotting to stop minimum wage hikes

    Quote Originally Posted by upsideguy View Post
    OK, and then when they have lost revenue because they set the price too high, they are "forced" to lower the price to the level that will once again maximize revenue.

    If a company seeks to maximize profit, it will tend to seek to maximize revenue. If it seeks to maximize revenue, it will settle on the maximum price the market will bear.
    Who is forcing them? No one. No one forces a company to change their prices. Prices are set by the company.
    We went from sticks and stones may break my bones but words will never hurt me to safe spaces.

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    Re: How a powerful rightwing lobby is plotting to stop minimum wage hikes

    Quote Originally Posted by Mason66 View Post
    Yes they can. If they want to ask law makers to not raise the minimum wage, tey can.
    That is "doing whatever they wish"?

    Typical leftist ideals, one choice is "freedom". What I wish is to drive out or kill all socialist infesting the US and infecting our systems, especially the schools with their dead, disproved and poverty inspiring drivel. Can I do that? Nope. Guess that I, an American, cannot "do whatever I wish".
    Only a fool measures equality by results and not opportunities.

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    Re: How a powerful rightwing lobby is plotting to stop minimum wage hikes

    Quote Originally Posted by DVSentinel View Post
    That is "doing whatever they wish"?

    Typical leftist ideals, one choice is "freedom". What I wish is to drive out or kill all socialist infesting the US and infecting our systems, especially the schools with their dead, disproved and poverty inspiring drivel. Can I do that? Nope. Guess that I, an American, cannot "do whatever I wish".
    What does any of that have to do with the OP?

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    Re: How a powerful rightwing lobby is plotting to stop minimum wage hikes [W:33]

    Quote Originally Posted by SlevinKelevra View Post
    How a powerful rightwing lobby is plotting to stop minimum wage hikes | US news | The Guardian




    ALEC strikes again! Who cares what city residents vote for! Race to the bottom and permanent poverty FTW
    When I saw that article morph this: "...Alec calls a “new battleground” over worker compensation." into this: "...‘new battleground’ of workers’ rights...", I stopped reading the article.
    TANSTAAFL

    “An armed society is a polite society.”
    ― Robert A. Heinlein, Beyond This Horizon

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    Re: How a powerful rightwing lobby is plotting to stop minimum wage hikes

    Quote Originally Posted by Mason66 View Post
    What does any of that have to do with the OP?
    Everything. The very existence of a Minimum wage is a socialist gimmick to try to equalize results without equalizing effort to achieve those results. No minimum wage should exist, workers should earn the market value of their labor not a set minimum.
    Only a fool measures equality by results and not opportunities.

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