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Thread: Seattle's new minimum wage hasn't raised retail prices

  1. #41
    You just made the list! Macduff's Avatar
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    Quote Originally Posted by Æthelfrith View Post
    Can you ever respond to comments that you quote? It is not possible to use 'averages' in a well-being context. This is just common sense.

    Love the idea that stuff like monopsony and backward bending labour supply cures is 'left wing economic theory'. Its basic neoclassical economics. The problem is you refuse to eliminate your knowledge deficiency regarding basic economics
    Common sense is that when you make something more expensive, there will be less demand for it. That's just basic economics.

  2. #42
    RNG
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    Quote Originally Posted by Æthelfrith View Post
    Sorry, you're not making much sense. Could you try again?
    Wages went up. The result, hours went down. And you are trying to say that doesn't happen?

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    Quote Originally Posted by Æthelfrith View Post
    An inane response! The average isn't useful for well-being analysis, as illustrated by backward bending labour supply curves (which inform us of hours reductions and well-being increases).
    So you are saying that at $12/hr, workers are choosing to work less hours, have more leisure time to decide whether to buy a Ferrari or a Lamborghini to spend all that money on. Maybe if it were $120/hr we were talking about it might make sense, but I keep getting the impression you learned a few buzzwords and phrases and just like to use them troll.

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    Quote Originally Posted by RNG View Post
    Wages went up. The result, hours went down. And you are trying to say that doesn't happen?
    I'm saying that we can't use any average shift in hours as a measure of change in well-being. I've had to repeat that several times now!

    Neoclassical economics (that's left wing economics according to MacDuff) predicts diverse labour supply effects. These effects are even more problematic because of the imperfect match between low wages and working poverty (e.g. students; second earners etc). Even simple labour demand analysis cannot be used. For example, modern analysis into monopsony predicts some disemployment effects (through firm exit effects) while still predicting overall well-being gains.

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    Quote Originally Posted by Æthelfrith View Post
    I'm saying that we can't use any average shift in hours as a measure of change in well-being. I've had to repeat that several times now!

    Neoclassical economics (that's left wing economics according to MacDuff) predicts diverse labour supply effects. These effects are even more problematic because of the imperfect match between low wages and working poverty (e.g. students; second earners etc). Even simple labour demand analysis cannot be used. For example, modern analysis into monopsony predicts some disemployment effects (through firm exit effects) while still predicting overall well-being gains.
    Too bad reality didn't feel obligated to play along.

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    Quote Originally Posted by Macduff View Post
    Too bad reality didn't feel obligated to play along.
    You seem to think economics is not reality. Standard right winger attitude I suppose!

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    Quote Originally Posted by Æthelfrith View Post
    You seem to think economics is not reality. Standard right winger attitude I suppose!
    Here's your problem. Theories should conform to facts. You want to try to twist facts to conform to your theories.
    Minimum wage workers lost money from the increase in Seattle. Businesses reduced their hours to compensate for the increase and that cost workers in wages. That defeats the purpose of a minimum wage increase.
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    Quote Originally Posted by Macduff View Post
    Here's your problem. Theories should conform to facts. You want to try to twist facts to conform to your theories.
    Minimum wage workers lost money from the increase in Seattle. Businesses reduced their hours to compensate for the increase and that cost workers in wages. That defeats the purpose of a minimum wage increase.
    You think labour supply and labour demand are just theories? Of course you did suggest modern economics was left wing so I will have to assume so. You make me laugh. You have purpose

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    Quote Originally Posted by Æthelfrith View Post
    You think labour supply and labour demand are just theories? Of course you did suggest modern economics was left wing so I will have to assume so. You make me laugh. You have purpose
    That's ok. Everyone else is laughing at you and your faux intellectual act.
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    Quote Originally Posted by Macduff View Post
    That's ok. Everyone else is laughing at you and your faux intellectual act.
    Right wingers won't understand a word I say. They don't do economics

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