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I think you're working under the impression that economics is a value free science.
No I am under the impression of someone who has run a business. How about you? Are you a professor in a business school? Maybe a government enconomy analyst?
The average and arithmetic mean are the same thing. It is the median that divides a population into two equal groups. Simple point of fact.
And regardless of what nonsense may be poured out about it, IQ has not and cannot be shown to be the independent yardstick of intelligence some here have quite mistakenly taken it as. IQ has been successful in predicting general performance in particular types of schools. So have other measures. That's about the last good thing you can say for it.
Economists have conducted hundreds of studies of the employment impact of the minimum wage. Summarizing those studies is a daunting task, but two recent meta-studies analyzing the research conducted since the early 1990s concludes that the minimum wage has little or no discernible effect on the employment prospects of low-wage workers.
Gee and why is that ?
The observation of Sir Matthew Decker, that certain taxes are, in the price of certain goods, sometimes repeated and accumulated four or five times, is perfectly just with regard to taxes upon the necessaries of life. In the price of leather, for example, you must pay not only for the tax upon the leather of your own shoes, but for a part of that upon those of the shoemaker and the tanner. You must pay, too, for the tax upon the salt, upon the soap, and upon the candles which those workmen consume while employed in your service, and for the tax upon the leather which the salt-maker, the soap-maker, and the candle-maker consume while employed in their service.
Adam Smith
The subsistence labor pool exists like water and is paid according to how easily that water is replaced. Therefor when all price for water rises so too do all prices rise. Unemployment will be up to the condition of the buyers....who are getting more money.
Did I say I was for it? no. This is to explain what the effect would be and it would be inflation to the expense of savers and creditors.
Then we see China calling in their IOUs since they own half of this economy. Try that econ 101. Learn a little Macro Econ.
China has sizable investments in US real estate and in corporate bonds and equities, but the bulk of their dollar-denominated holdings consists of some $1.3 trillion in US Treasury securities, a little more than what Japan holds. China can try to sell those securities in secondary markets if they like, but otherwise, they can sit there and collect the installments of principal and interest that are specified in the notes themselves. And that's ALL they can do. These holdings give China no other rights or any actual say in anything at all.
Economists have conducted hundreds of studies of the employment impact of the minimum wage. Summarizing those studies is a daunting task, but two recent meta-studies analyzing the research conducted since the early 1990s concludes that the minimum wage has little or no discernible effect on the employment prospects of low-wage workers.
Gee and why is that ?
The observation of Sir Matthew Decker, that certain taxes are, in the price of certain goods, sometimes repeated and accumulated four or five times, is perfectly just with regard to taxes upon the necessaries of life. In the price of leather, for example, you must pay not only for the tax upon the leather of your own shoes, but for a part of that upon those of the shoemaker and the tanner. You must pay, too, for the tax upon the salt, upon the soap, and upon the candles which those workmen consume while employed in your service, and for the tax upon the leather which the salt-maker, the soap-maker, and the candle-maker consume while employed in their service.
Adam Smith
The subsistence labor pool exists like water and is paid according to how easily that water is replaced. Therefor when all price for water rises so too do all prices rise. Unemployment will be up to the condition of the buyers....who are getting more money.
Did I say I was for it? no. This is to explain what the effect would be and it would be inflation to the expense of savers and creditors.
and what businesses do John Schmitt and Adam Smith own?
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Originally Posted by oaktonite
China has sizable investments in US real estate and in corporate bonds and equities, but the bulk of their dollar-denominated holdings consists of some $1.3 trillion in US Treasury securities, a little more than what Japan holds. China can try to sell those securities in secondary markets if they like, but otherwise, they can sit there and collect the installments of principal and interest that are specified in the notes themselves. And that's ALL they can do. These holdings give China no other rights or any actual say in anything at all.
Yeah they own 1.3 trillion dollars of our economy (GDP)! So what we just give them the Italian salute?
Still I dont care about the Chinese either. But almost everything we buy is Chinese. How does that help if we can't even afford cheap Chinese goods?
a single value (as a mean, mode, or median) that summarizes or represents the general significance of a set of unequal values
Why does a dictionary say 3 definitions? What do people mean by the girl next door? How many average families do you know who have 2.1 children? I know exactly zero families with 2.1 children.
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It is the median that divides a population into two equal groups. Simple point of fact.
No you see its not in the context of IQ which is by design assuming normal distributions. Did you go to school for this cause I did, and I conducted several of these tests.
The properties of the normal distribution apply to IQ scores:
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And regardless of what nonsense may be poured out about it
like yours?
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, IQ has not and cannot be shown to be the independent yardstick of intelligence some here have quite mistakenly taken it as. IQ has been successful in predicting general performance in particular types of schools. So have other measures. That's about the last good thing you can say for it.
and what businesses do John Schmitt and Adam Smith own?
Huh what? So business people understand macro economics? I owned and and operated a B2B business , meaning I was and dealt with private business all the time. I did not sense they understood anything about macro economics by virtue of running according to their own self interest. So what is the meaningless inapplicable point you wanted to babel about?
Tell me, what if a cloud was on its way and it was going to rain beer? What would the business, Anheuser Busch do if it could disperse the cloud? Would anyone else do as they did. Is the interest the same and like ours?
China has sizable investments in US real estate and in corporate bonds and equities, but the bulk of their dollar-denominated holdings consists of some $1.3 trillion in US Treasury securities, a little more than what Japan holds. China can try to sell those securities in secondary markets if they like, but otherwise, they can sit there and collect the installments of principal and interest that are specified in the notes themselves. And that's ALL they can do. These holdings give China no other rights or any actual say in anything at all.
Agreed.
Foreign countries tried to cash in their Chucky Cheeze tokens for ports and refining capacity already. They were blocked.
When did the US default? 1971.
When will China cash in their debt? They did and we said no. Go buy Pebble Beach and Rockefeller Center ....
Huh what? So business people understand macro economics? I owned and and operated a B2B business , meaning I was and dealt with private business all the time. I did not sense they understood anything about macro economics by virtue of running according to their own self interest. So what is the meaningless inapplicable point you wanted to babel about?
Tell me, what if a cloud was on its way and it was going to rain beer? What would the business, Anheuser Busch do if it could disperse the cloud? Would anyone else do as they did. Is the interest the same and like ours?
Be for real. Both of those flunkies you quoted are economic nightmares along the lines of Keynes. They never hired a person in their lives nor did they have to run a budget. They spout out dribble like beer falling from the sky and how it effects the price of rice in China.
Your argument makes no sense in econ or even English.
First we will discuss the two bold lines of yours. One if that is the case that there are too few to be affected then why are we protesting Walmart? With all the fast food joints and mom and pop's and you name the small business how can you say that there are too few.
There are too few because this is a nearly $16 trillion economy with more than 150 million income earners in it. Keep in mind as well that 19 states plus DC already have minimum wages that are higher than the federal. Some are already higher than the proposed $9.00.
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Originally Posted by golfingduo
Second if we even raised it that much you would find that you have just cut out that many more jobs because the business would just close the door.
Only a fool would do that. I run a successful restaurant that produces a healthy profit and you think I should shut down because the wage I have to pay starting busboys goes up? That's just absurd.
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Originally Posted by golfingduo
Now let's talk about freedom. Why is it that it is the governemt's job to mandate a wage? What gives the gives the feds or the state the right to mandate pay raises for entry level jobs on private employees?
Oh god. Try reading the US Constitution instead of the Bizarro Constitution.
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