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

  1. #51
    A Blue Dog Jets Fan Jets's Avatar
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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.
    Yep

  2. #52
    Scucca Æthelfrith's Avatar
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    Quote Originally Posted by Jets View Post
    Yep
    Right wing economics in full flow?

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    A Blue Dog Jets Fan Jets's Avatar
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    Seattle's new minimum wage hasn't raised retail prices

    Quote Originally Posted by Æthelfrith View Post
    Right wing economics in full flow?
    In this instance in Seattle ,the minimum wage increase caused people to lose money due to their hours being cut and it had nothing to do with "right wing economics". This in spite of the theory that says otherwise.
    Thanks from bajisima

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    the "good" prag pragmatic's Avatar
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    Quote Originally Posted by Æthelfrith View Post
    Right wing economics in full flow?
    Actually you are getting flack from some of those dreaded "left leaners".


    (You theories are having a bad day all the way around.....)

  5. #55
    Scucca Æthelfrith's Avatar
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    Quote Originally Posted by Jets View Post
    In this instance in Seattle ,the minimum wage increase caused people to lose money due to their hours being cut and it had nothing to do with "right wing economics"
    Again you're assuming lost money. The authors can't make that claim. They make that clear when they refer to heterogeneous consequences. And basic economics informs us that you can't make well-being analysis through labour supply effects. Why do you think the labour supply curve bends backwards? It informs us how an increase in wage can simultaneously reduce hours and increase well-being.

  6. #56
    You just made the list! Macduff's Avatar
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    Quote Originally Posted by Æthelfrith View Post
    Again you're assuming lost money. The authors can't make that claim. They make that clear when they refer to heterogeneous consequences. And basic economics informs us that you can't make well-being analysis through labour supply effects. Why do you think the labour supply curve bends backwards? It informs us how an increase in wage can simultaneously reduce hours and increase well-being.
    Once again you disregard facts. Well being isn't being increased. These workers are losing money.

  7. #57
    the "good" prag pragmatic's Avatar
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    Quote Originally Posted by Æthelfrith View Post
    Again you're assuming lost money. The authors can't make that claim. They make that clear when they refer to heterogeneous consequences. And basic economics informs us that you can't make well-being analysis through labour supply effects. Why do you think the labour supply curve bends backwards? It informs us how an increase in wage can simultaneously reduce hours and increase well-being.

    For many/most people, getting your hours reduced involuntarily is not considered a "well being" bonus.

    The overall workload for the business remains static. So when staff hours are cut it means fewer people are having to support that same workload.

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    Scucca Æthelfrith's Avatar
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    Quote Originally Posted by Macduff View Post
    Once again you disregard facts. Well being isn't being increased. These workers are losing money.
    From your comment I know one thing for certain: your understanding of labour supply is zero.

  9. #59
    Scucca Æthelfrith's Avatar
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    Quote Originally Posted by pragmatic View Post
    For many/most people, getting your hours reduced involuntarily is not considered a "well being" bonus.

    The overall workload for the business remains static. So when staff hours are cut it means fewer people are having to support that same workload.
    You've referred to involuntary hours reductions, but that is just an assumption. Voluntary changes in hours are expected through minimum wages

  10. #60
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    Quote Originally Posted by Æthelfrith View Post
    Again you're assuming lost money. The authors can't make that claim. They make that clear when they refer to heterogeneous consequences. And basic economics informs us that you can't make well-being analysis through labour supply effects. Why do you think the labour supply curve bends backwards? It informs us how an increase in wage can simultaneously reduce hours and increase well-being.
    The author doesn't need to state the obvious. If money wasn't lost there wouldn't be a discussion on why the minimum wage increase in this scenario did not work as planned.

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