sh*thole countries

[spence]

Originally Posted by Jim in CT

So why do liberals bemoan that wages at the bottom are not rising?

A lot of factors here, automation technology, declines in unions, some due to cheap imports etc...the value of labor has declined but it's not primarily due to oversupply. Big problem is it's easier for the wealthy to make money with capital rather than investment in people.
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[Jim in CT]

Originally Posted by spence

A lot of factors here, automation technology,
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Interesting. Then why do liberals deny that increases in minimum wage, reduce the demand for minimum wage workers?

Spence, this is fascinating.

First, regarding immigration, liberals are denying that an influx of cheap supply of an item, will reduce its price.

Second, regarding the potential adverse effects of minimum wage hikes, liberals are denying that when you increase the cost of something, that the demand for that something will decrease.

I'm really, truly learning a lot here. Much of what I was taught about economics, supply & demand, and the elasticity of price, was all wrong. Wow.

[spence]

Originally Posted by Jim in CT

Interesting. Then why do liberals deny that increases in minimum wage, reduce the demand for minimum wage workers?

Spence, this is fascinating.

First, regarding immigration, liberals are denying that an influx of cheap supply of an item, will reduce its price.

Second, regarding the potential adverse effects of minimum wage hikes, liberals are denying that when you increase the cost of something, that the demand for that something will decrease.

I'm really, truly learning a lot here. Much of what I was taught about economics, supply & demand, and the elasticity of price, was all wrong. Wow.

I've never heard anyone claim increased minimum wage decreases demand for those workers.

As for the other. You're trying to apply a very basic theory to a very complex situation with a lot more variables.
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[Jim in CT]

Originally Posted by spence

I've never heard anyone claim increased minimum wage decreases demand for those workers.

As for the other. You're trying to apply a very basic theory to a very complex situation with a lot more variables.
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"I've never heard anyone claim increased minimum wage decreases demand for those workers"

Of course you haven't, because they won't say that on MSNBC.

Spence, all other things being equal, when you increase the price of something, what happens to the demand?

"You're trying to apply a very basic theory to a very complex situation with a lot more variables"

Oh. So the liberals know that the GOP tax overhaul will cost 1.5 trillion, because that's a simple calculation with no moving pieces in a world where everything always stays exactly the same.