View Poll Results: Should min wage be removed?

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  • Yes

    28 31.46%
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    61 68.54%
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Thread: Should min wage be removed?

  1. #71
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    Re: Should min wage be removed?

    Quote Originally Posted by phattonez View Post
    You people are looking at this backwards. People have a marginal level of productivity. Period. The existence or non-existence thereof does not change that fact. A minimum wage merely makes it illegal to hire those whose marginal level of productivity is below the minimum wage (unless the company decides to hire them at a loss, which would be stupid and not a substantial occurrence).

    But what of the claim that supermarkets and fast-food places won't just close because they can no longer hire checkers and bag boys and shelvers, etc. To stay in business, won't they have to keep these people employed? Yes, but you're ignoring something. The law of decreasing marginal productivity states that the more of something you have, the lower your rate of return. So what does this mean? Well without a minimum wage, you'll have a certain number of businesses. With a minimum wage, because of diminishing marginal productivity, you won't see supermarkets and other businesses expand as they could. The minimum wage raises costs, and so if profit can't keep up with cost, then it's not going to happen. Raising minimum wage raises costs, so raising minimum wage decreases production.
    Realize though that over time the demand for labor will become more elastic. A supermarket could invest in physical capital (like a self checkout line) instead of another cashier. A minumum wage would encourage such a thing.

  2. #72
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    Re: Should min wage be removed?

    Quote Originally Posted by Phoenix View Post
    Not true when considering minimum wage workers. Many students will work at minimum wage part time and many full time workers supplement their income with part time MW employment.
    Whether its students, retirees or anything in between, math is math. Also, I have used the national average work week, so all that other stuff has been already accounted for.
    Last edited by tacomancer; 10-07-10 at 02:59 PM.

  3. #73
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    Re: Should min wage be removed?

    You remove the min. wage, and that just puts more people on welfare, and similar programs. I really can't think of a worse idea.
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  4. #74
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    Re: Should min wage be removed?

    I think a more fair compromise to this issue, would be to lower minimum wage some.
    There are some jobs which clearly don't require the present minimum wage, while others that already go over the minimum.

    Most people don't stay at minimum wage that long anyway and those that do are typically temp workers or lousy employees.
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    Re: Should min wage be removed?

    Quote Originally Posted by megaprogman View Post
    I showed that the price of a burger did not rise as fast as wages. You are free to counter my data with some of your own if you wish.
    You did no such thing. The only thing you showed was to back up my statement that the price of a hamburger rose in relation to minimum wage.

  6. #76
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    Re: Should min wage be removed?

    Quote Originally Posted by Harry Guerrilla View Post
    I think a more fair compromise to this issue, would be to lower minimum wage some.
    There are some jobs which clearly don't require the present minimum wage, while others that already go over the minimum.

    Most people don't stay at minimum wage that long anyway and those that do are typically temp workers or lousy employees.
    I think it would be a good idea to index it to inflation or some sort of non-political means of raising and lowering the minumum wage, but still keeping it intact.

  7. #77
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    Re: Should min wage be removed?

    Quote Originally Posted by drz-400 View Post
    I think it would be a good idea to index it to inflation or some sort of non-political means of raising and lowering the minumum wage, but still keeping it intact.
    I can't remember which is more accurate the CPI or Inflation.

    Wouldn't be a total bad idea, as long as, the minimum wage was a true floor wage and not a sort of political football.
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  8. #78
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    Re: Should min wage be removed?

    Quote Originally Posted by Harry Guerrilla View Post
    Most people don't stay at minimum wage that long anyway and those that do are typically temp workers or lousy employees.
    those who make a "career" out of minimum wage jobs are either

    a. mentally/physically incapable of self improvement (and thus eligible for govt disability income)

    b. those unwilling to put the effort into self improvement (**** them, they get what they deserve)

    c. that tiny miniscule fraction that through some bizarre set of circumstances beyond their control find themselves stuck in a dead end job.
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  9. #79
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    Re: Should min wage be removed?

    Is it really worth $7.25/hr to ask "want fries with that"?
    The best argument against democracy is a five-minute conversation with the average voter.

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  10. #80
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    Re: Should min wage be removed?

    Quote Originally Posted by drz-400 View Post
    Realize though that over time the demand for labor will become more elastic. A supermarket could invest in physical capital (like a self checkout line) instead of another cashier. A minumum wage would encourage such a thing.
    Except that this is a case of a broken window fallacy. The loss at the present is ignored for the benfit of the future. Which do consumers want? The cashiers, or the self-checkout line? Which one is more worth the cost? Neither of us can decide that for the market, only the consumers can.

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