Economics thread for economic discussion preferably non political
Thoughts on how an increased minimum wage would effect low wage labour markets? I would think that in particular, most service and retail markets wouldn't see much change in terms of employment because demand for workers is pretty inelastic. If you run a pizza shop and you need 3 staff in the kitchen every weekend, there's no capital substitution for those workers (yet), so I think the biggest change would be an increase in prices for goods and services supplied by low wage labour, rather than an increase substitution of capital for labour. In terms of factory and manufacturing jobs, I would expect the demand to be far more elastic, which would see an increase in unemployment.
Remove minimum wage Establish full free market Limit government spending = lower taxes Privatize everything except for army and security Stop treating your people like a babysitter they are adults who should be responsible for themselves Make all drugs legal to finish and monetize drug cartels sit back enjoy watching your country get rich
Aiden Campbell
We need laws to. Regulate a minimum crypto price. Cryptos are too cheap. The fat cat short sellers are stealing everyone's money
this. the only laws that are needed are private property laws, and minimal laws to enforce tax - tax stays at a fixed percentage for all classes (something like 2%).
How do we do it with our current system? Serious question.
Luis Martin
It's inevitable that capitalist enterprises will either form a monopoly over a market, collude with the government to enforce a monopoly, or form their own government.
Just because you know how to play this game, doesn't mean you know the rules or the win states.
Hunter Russell
Sterilize anyone with an IQ below 92, in a few generations the type of people that are economic dead weight will be gone from the gene pool.
As a rabid evidence based free marketer myself, I can admit that socialism works with a high IQ homogenious white population. Not quite as well as capitalism would work with the same population, but not an abject failure like the current and past attempts with substandard populations.
Cameron Ramirez
You just won a free helicopter ride!
Jack Baker
I'm not saying I like or want socialism, just that it can function (at least for a little while) in a closed-border high-IQ white ethnostate.
To accurately answer OPs question, the only thing that actually raises "minimum wage" in a manner that doesn't get uncompetitive workers forced out of the labor pool, is a tight labor market from a strong economy.
Jack Morris
He fell for the big meme
Bad! Go the Jeffersonian Way
>2% What a retard Even Hong Kong, one of the freest capitalist economies in the world is at like 15% flat tax
To all those talking about tax despite OP's OP, what about simply making a cap on what the govt can tax an individual?
I would make it somewhere around 25-30% as the maximum amount the government can tax a person and hopefully have it enshrined in the groundlaw of whatever country we're talking about here, but obviously it would be much better set at 20% as per pic related.
As for your question OP, it would highly depend on by what amount the minimum wage is raised. I've read studies back in about 2013 or so (even when the economy wasn't as good) that a raised minimum wage would not effect unemployment much at all, but back then they were talking about setting it at $10 an hour. With some of the proposals to raise it to $15 an hour, you would be sure to see a rise in the price of goods, it simply isn't worth it right now to pay a guy coming chicken all day $15/hour
Always funny, how the edgelords who came in with cryptocurrencies think, that "no regulation" somehow works out, when even "less regulation" in the past never created "more" wealth but absurd bubbles and horrendous crashes.
Evan Price
Question. Is it a good idea to use green taxes so that a country can remove income taxes or other taxes for companies, thus reducing production costs? I'm reading Samuelson's book on economy and that got me thinking.
Because that is how you know it is propaganda. Look around at society, who is often more fat? The fortune 500 executive? Or welfare slob pulling around to the McDonald's drive through?
Dominic Flores
It depends on the elasticity of demand. If the inelastic (for goods you can't switch preferences to, like food), you could see an increase in prices of those goods, otherwise the demand just fucks off to the nearest substitute.
I think there was some experimentation in Seattle and found out that low-wage labor market does not respond negatively to minimum wage, while the jury is still out on high-wage labor.
Leo Young
shit fucking god-damn, this this this this this this this this this this this i'm so fucking sick and tired of being treated like a goddamn helpless toddler
>he thinks that underhanded stuff that corporations might do is comparable to the underhanded stuff that governments always do, with or without using private entities as a front for their activities >he thinks that people in the west would willingly fund or work for a company that is being underhanded (in the few ways that a corporation without any state power can be underhanded) when the market is free >he can't refute the fact that monopolies don't come without government intervention >he calls people who want free markets and a society which requires consent and agreement from both parties for work to be conducted (as is the case under free market capitalism) bootlickers while he supports building a society of extortion and wageslavery under state corporatism
