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The definition of a linear regression is that it is a linear graph. That's why the first word is linear, here is a workup of the definition of the term Linear regression - Wikipedia, the free encyclopedia. Arguing I don't know the definition of linear regression because the line is supposedly not linear in nature is just so funny.
This was a typo on my part. I meant to say logistic regression, not linear. Sorry about that.
And I will hold to that statement - if you had to look up on wikipedia what regression is, then you obviously don't know much on the subject.
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Apparently all the people on Wikipedia don't know anything about it either, I guess you must be the smartest economist in the world /sarcasm. Free market - Wikipedia, the free encyclopedia - "The theory holds that within an ideal free market, property rights are voluntarily exchanged at a price arranged solely by the mutual consent of sellers and buyers".
god....obviously I know what a free market is. What are we, in 9th grade? The free market is not a set economic theory, it is a naturally observing phenomenon. Please respond to what you think of EMH, rather than 'free market' as a whole. I prescribe to a theory supporting EMH with statistical fat-tails (I believe those tails are primarily caused due to black swan events, although that is academically debatable at this point). Free Market is a field, not a specific theory used in economic calculations.
When I talk about economic theories, I am talking in specifics. Not in general fields of economic thought. Try to keep up.
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I stated why and the definition of the fallacy. It doesn't wipe away a fallacy even if I was wrong, which I proved very conclusively that you don't even know what a linear regression is (probably not even the word linear). Please, do it some more!
While I am not sure how this impacts the comparison of the minimum wage laws between Hong Kong and the US, since Hong Kong does have a minimum wage, it is very funny. What it seems like is a crank found a 10 year old graph that kind of supported their position, and they use it like a hammer and the world a nail.
This is easier then shooting fish in a barrel, when the barrel is full and some one's taken all the water out.
Tell me - other than a wikipedia page, have you ever actually done ANY research into economics? It seems obvious that you have not. If you want any recommendations for economic studies or books to read, PM me. Believe it or not, there is more thorough research out there than Wikipedia.
When the hell did I say Hong Kong didn't have a minimum wage? I said it was a freer economy and that it also has stronger economic growth. Please work on reading comprehension slick.
This was a typo on my part. I meant to say logistic regression, not linear. Sorry about that.
And I will hold to that statement - if you had to look up on wikipedia what regression is, then you obviously don't know much on the subject.
It's just easier to show you how wrong you are about graphs with graphs on Wiki, and less typing on my part.
Logistic regression - Wikipedia. So what you are saying is that you don't know what a logarithmic graph looks like (different then a power graph) and a logistic regression is used to measure probability - from the Wiki article "In statistics, logistic regression (sometimes called the logistic model or logit model) is used for prediction of the probability of occurrence of an event by fitting data to a logit function logistic curve."
What are you doing, plugging "regression" into an auto-complete and throwing out what it finds?
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Originally Posted by hnsq
When I talk about economic theories, I am talking in specifics. Not in general fields of economic thought. Try to keep up.
Considering I've proved you wrong about the definition of nearly a dozen basic terms about economics, I would have a better success rate trying to discuss specifics with my dog.
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Originally Posted by hnsq
Tell me - other than a wikipedia page, have you ever actually done ANY research into economics? It seems obvious that you have not. If you want any recommendations for economic studies or books to read, PM me. Believe it or not, there is more thorough research out there than Wikipedia.
Hilarious, you can't even get the definition of the words you are using right.
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Originally Posted by hnsq
When the hell did I say Hong Kong didn't have a minimum wage? I said it was a freer economy and that it also has stronger economic growth. Please work on reading comprehension slick.
Look at the title of the thread. It's about eliminating the minimum wage.
I can quote another posters rebuttal again as well...
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Originally Posted by djmilf
So in support of eliminating the minimum wage in this country, you've cite as proof of your argument up a theory that you yourself now claim isn't applicable to the United States.
In other words, you might as well have cited Newton's Second Law of Motion.
It's just easier to show you how wrong you are about graphs with graphs on Wiki, and less typing on my part.
Logistic regression - Wikipedia. So what you are saying is that you don't know what a logarithmic graph looks like (different then a power graph) and a logistic regression is used to measure probability - from the Wiki article "In statistics, logistic regression (sometimes called the logistic model or logit model) is used for prediction of the probability of occurrence of an event by fitting data to a logit function logistic curve."
What are you doing, plugging "regression" into an auto-complete and throwing out what it finds?
Given that I majored in Computer Science and have studied regression extensively, I would say I know more than a wikipedia article. Logistic regression is when a goodness-of-fit curve is set (with the Y-axis equal to the the logistic function) to the scatter plot of data. It represents data sets which model exponential growth with a saturation point. I made a simple typo, and you bash me for that? Good debating skills tiger.
This is logistic (and not purely exponential) because there IS a saturation point. The is a point at which no more gains can be effected, however as we are using real world data and not idealized scenarios, we do not see the saturation point on that graph.
I thought this would be obvious, as anyone who has studied probability statistics at any point would know this...
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Considering I've proved you wrong about the definition of nearly a dozen basic terms about economics, I would have a better success rate trying to discuss specifics with my dog.
Hilarious, you can't even get the definition of the words you are using right.
By 'proven me wrong' you mean 'googled and posted from a wikipedia article', right? Got it. Can you also reply to my points on EMH? It is pretty convenient that you simply DON'T reply to things on which you can't google and immediately find a wikipedia article, isn't it?
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Look at the title of the thread. It's about eliminating the minimum wage.
I can quote another posters rebuttal again as well...
lol, the thread is absolutely about eliminating minimum wage, however that is indicative of greater issues of the effects of economic floors and ceilings on economic markets. I am addressing the root issue. Tell me, if you break your leg, do you want me to tell you how to take a pain killer, or do you want me to tell you how to set your leg in a cast? You are doing the former, I am addressing the latter.
I brought up Hong Kong because, due to its comparatively free market in comparison to the United States, the net economic value of it's economy is much favorable as compared to the United States. Minimum wage is a piece of this puzzle, however it is NOT the root of the issue. So if you would like to discuss minimum wage while ignoring the larger, underlying economic issues, be my guest, however I have a hard time with such a narrow point of view.
"might consider" Yes, yes, the passionate cry of true patriots everywhere!
So let see if I have this correct -- we cut out the minimum wage and cut the throats and bottom out from everyone at or near the bottom and actually think the system would keep standing.
This pyramid is going to have a NASTY fall.
Need to sell these folks a bottomless boat. Happy sailing.
Killer, it is posts like yours that totally reinforce the need for tariffs and requirements for balanced trade.
look up team sweat behind the swoosh - 20 minute video on Nike in Indonesia where they make $1.25/day...where choosing between taking an aspirin for a headache means skipping dinner that day.
If you consider the Catholic Church "thinkers". I tend not to consider them as such in this case.
I myself subscribe more to the Austrian camp but that doesn't mean it's teachings are any more a science.
Economics is not a science. Point blank. If someone tells you it is, they are lying. There are too many unforeseen variables in human intractions/ actions/ thoughts/ circumstances for economics to ever be a science.
it's scientific theory that can never truly be tested. but it is some degree of science. i think it's somewhere in between what both of you are saying, personally.
This thread is about minimum wage. Do middle class people live off minimum wage?
They will, it's part of the GOP pathway to Poverty. The Minimum Wage should be raised to $10 an hour to put more money into the hands of people who will stimulate the economy by spending it.
Take a look at the most free market economy currently in existence (rated the freest market for the past 17 years) - Hong Kong.
Unemployment is 4%, It has a third of the public debt as USA (in terms of % of GDP) and it has maintained these numbers while rivaling net US economic growth.
in short - a freer economy led to the same growth with a third of the debt and less than half of the unemployment.
Not bad, is it?
what is the size of hong kong? (7 million people, that's barely even a state in the USA).
hong kong has a minimum wage.
they have strict anti-fraud regulations.
they charge high duties on properties re-sold in speculative markets (15% i think), to help prevent speculative real estate transactions.
they have very close ties to China.
being one of the "freer" markets though has gotten it towards the top of the list for wealth gap measurements.
hong kong still does social works projects, and other government spending. they just pay for it, so they have less debt.
A better plan would be to enforce the existing laws and eliminate illegal aliens by gently escorting them to the border. You would have fewer people chasing blue collar jobs which in turns means the law of supply and demand kicks in. Wages then rise without somebody in Washington mandating it.
Given that I majored in Computer Science and have studied regression extensively, I would say I know more than a wikipedia article. Logistic regression is when a goodness-of-fit curve is set (with the Y-axis equal to the the logistic function) to the scatter plot of data. It represents data sets which model exponential growth with a saturation point. I made a simple typo, and you bash me for that? Good debating skills tiger.
This is logistic (and not purely exponential) because there IS a saturation point. The is a point at which no more gains can be effected, however as we are using real world data and not idealized scenarios, we do not see the saturation point on that graph.
I thought this would be obvious, as anyone who has studied probability statistics at any point would know this...
Riiight, that definition is wrong because...well you say so I guess.
If you really want to use credential abuse...I know at the schools I have attended basic statistics is encouraged but not required for computer science majors (take a look at the current curriculum). Regression analysis are taught by the school of economics, and CS certainly doesn't require economics classes. If you look at my own undergrad curriculum, an actual quantitative economics major (plus a minor in CS), it has a tiny bit more...plus MBA and work experience.
I don't disrespect the education or the effort required in it, CS is damn hard, but I disrespect those who try and abuse a decent education in one area to pretend they are experts in all areas.
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Originally Posted by hnsq
By 'proven me wrong' you mean 'googled and posted from a wikipedia article', right? Got it. Can you also reply to my points on EMH? It is pretty convenient that you simply DON'T reply to things on which you can't google and immediately find a wikipedia article, isn't it?
It's called having facts and independent verification, which most rational people with more brain cells then teeth base their thoughts off of.
Unlike you, I don't go through an argument screaming I'm smarter then everyone so I'm right. I back my statements up with proof.
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Originally Posted by hnsq
I brought up Hong Kong because, due to its comparatively free market in comparison to the United States, the net economic value of it's economy is much favorable as compared to the United States. Minimum wage is a piece of this puzzle, however it is NOT the root of the issue. So if you would like to discuss minimum wage while ignoring the larger, underlying economic issues, be my guest, however I have a hard time with such a narrow point of view.
Wait, I don't get the general nature of your argument...but 2 seconds ago you told me you were arguing the specifics.
Can't you even keep what you are saying straight?
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Originally Posted by hnsq
When I talk about economic theories, I am talking in specifics. Not in general fields of economic thought. Try to keep up.
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