View Poll Results: Results of Raising the Minimum Wage

Voters
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  • Greater buying power

    14 25.00%
  • Greater unemployment

    32 57.14%
  • Less unemployment

    7 12.50%
  • Higher prices

    36 64.29%
  • Less competitive on world markets

    25 44.64%
  • Benefits low income workers

    20 35.71%
  • Places people in higher income tax brackets

    7 12.50%
  • More jobs go overseas

    32 57.14%
  • More businesses close

    30 53.57%
  • Benefits middle income workers

    5 8.93%
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Thread: Effects of Minimum Wage

  1. #21
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    Re: Effects of Minimum Wage

    Quote Originally Posted by the makeout hobo View Post
    You're forgetting the other major effect, which is that employees make more.
    Very, very few of them. Only 2.2% of U.S. workers make minimum wage (source: Characteristics of Minimum Wage Workers: 2006), and that doesn't even mean that all of them make more because of minimum wage legislation.

  2. #22
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    Re: Effects of Minimum Wage

    Quote Originally Posted by the makeout hobo View Post
    You're forgetting the other major effect, which is that employees make more.
    Not necessarily. Some workers will earn $8 per hour instead of $6 per hour...but others will earn $0 per hour instead of $6 per hour, because they get laid off.
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  3. #23
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    Re: Effects of Minimum Wage

    Quote Originally Posted by Dav View Post
    Very, very few of them. Only 2.2% of U.S. workers make minimum wage (source: Characteristics of Minimum Wage Workers: 2006), and that doesn't even mean that all of them make more because of minimum wage legislation.
    Which means it will have a pretty small effect overall, positive and negative.

  4. #24
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    Re: Effects of Minimum Wage

    Quote Originally Posted by Kandahar View Post
    Not necessarily. Some workers will earn $8 per hour instead of $6 per hour...but others will earn $0 per hour instead of $6 per hour, because they get laid off.
    But when they find a new job, it'll be at $8 instead of $6, meaning an overall gain for them.
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  5. #25
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    Re: Effects of Minimum Wage

    Quote Originally Posted by Redress View Post
    Which means it will have a pretty small effect overall, positive and negative.
    Well yes, the minimum wage right now is pretty low, which is why people are basically split between those who want to abolish it and those who want to raise it, with very few in the middle.

  6. #26
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    Re: Effects of Minimum Wage

    To ask a fun alternative question: Where would we be without minimum wage? Would we have a bunch of in-country 10-cent per hour jobs? What price would the market actually bear for labor in our service-based economy?

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    Re: Effects of Minimum Wage

    I previously commented that the concept of the minimum wage necessarily reducing employment is an assumption that holds true only in the crude textbook model of the labor market, and is not suited to actual reality. As noted, monopsony power (and more broadly, oligopsonistic conditions in labor markets) complicates matters. Firms are confronted with an upward sloping labor supply curve rather than an infinitely elastic labor supply curve. To simplify all this more, the imperfections of labor markets make things a hell of a lot more complicated than is immediately evident, and claiming that minimum wages increase unemployment is not so cut and dry, considering that the absence of infinite elasticity (few would argue that cutting wages by a cent would result in worker resignation, for example) is an element in the general deficiencies of labor markets. This is why we've encountered empirical research into the effects of the minimum wage on employment that is in sharp contrast with standard rightist crudities.

  8. #28
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    Re: Effects of Minimum Wage

    Quote Originally Posted by Agnapostate View Post
    I previously commented that the concept of the minimum wage necessarily reducing employment is an assumption that holds true only in the crude textbook model of the labor market, and is not suited to actual reality. As noted, monopsony power (and more broadly, oligopsonistic conditions in labor markets) complicates matters. Firms are confronted with an upward sloping labor supply curve rather than an infinitely elastic labor supply curve. To simplify all this more, the imperfections of labor markets make things a hell of a lot more complicated than is immediately evident, and claiming that minimum wages increase unemployment is not so cut and dry, considering that the absence of infinite elasticity (few would argue that cutting wages by a cent would result in worker resignation, for example) is an element in the general deficiencies of labor markets. This is why we've encountered empirical research into the effects of the minimum wage on employment that is in sharp contrast with standard rightist crudities.
    I'm sorry, but next time can you use slightly smaller words? Monopsony was never exactly a vocab word.
    The Makeout Hobo is real, and does indeed travel around the country in his van and make out with ladies... If you meet the Makeout Hobo, it is customary to greet him with a shot of whiskey and a high five (if you are a dude) or passionate makeouts (if you are a lady).

  9. #29
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    Re: Effects of Minimum Wage

    Quote Originally Posted by Agnapostate View Post
    I previously commented that the concept of the minimum wage necessarily reducing employment is an assumption that holds true only in the crude textbook model of the labor market, and is not suited to actual reality. As noted, monopsony power (and more broadly, oligopsonistic conditions in labor markets) complicates matters. Firms are confronted with an upward sloping labor supply curve rather than an infinitely elastic labor supply curve. To simplify all this more, the imperfections of labor markets make things a hell of a lot more complicated than is immediately evident, and claiming that minimum wages increase unemployment is not so cut and dry, considering that the absence of infinite elasticity (few would argue that cutting wages by a cent would result in worker resignation, for example) is an element in the general deficiencies of labor markets. This is why we've encountered empirical research into the effects of the minimum wage on employment that is in sharp contrast with standard rightist crudities.
    I have no idea what the rest of what you posted means, but there is plenty of empirical research proving that minimum wage reduces employment, as I posted on the last page. Much of it actually comes from, and is admitted by, those who are sympathetic to minimum wage.

  10. #30
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    Re: Effects of Minimum Wage

    All agreements between individuals should be voluntary, and in negotiating wages that typically leads to an objective compromise based on supply and demand.

    Minimum wage and all other violent government interventionism in the economy constitutes theft. It reduces economic competitiveness, causes intellectual stagnation, discourages innovation, and forces better workers to be punished for the benefit of the worse.


    Oh, and to any hot girls on this thread who support minimum wage - do I get a positive right to "minimum sex" as well?

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