Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
You are clearly able to write with some degree of knowledge regarding chemistry/science, but your fingers can't use google to find 'Mrs Fields' and 'Chicago'(?)
They can, but nobody has instructed me to, and you are the 1st to hint.
This just shows nobody really wants to go above and beyond.
Okay, so I'm from Chicago, and I supposed to know what Mrs. Fields is?
So I just did a Google search for Mrs. Fields Chicago, and looks up the 1st things popping up are chocolate store located at 242 S. State.
Thanks to Moore's Law, we now have the processing power needed to observe and compare data for every neighboring pair of counties in the country. These data tell us that minimum wage differentials have no measurable effect on either unemployment rates or inflation rates. That's something useful to know.
Here's something else that is useful. Increases in the minimum wage does destroy some jobs. It does incent companies to relocate, and some do. And some former employees will be out of jobs.
A few choice quotes to give you the flavor. I encourage you to read the article.
Quote:
"When the $15 minimum wage is fully phased in, my company would be losing in excess of $200,000 a year (and far more if my workforce grows as anticipated)."
...
"Still, if not for the $15 minimum wage, I’d have zero interest in leaving California. In some ways, it’s an ideal time to make clothing here.
Last edited by toosie; 01-10-2017 at 05:47 PM..
Reason: TOS - copyright - just a link and brief snippet please
Here's something else that is useful. Increases in the minimum wage does destroy some jobs. It does incent companies to relocate, and some do. And some former employees will be out of jobs.
A few choice quotes to give you the flavor. I encourage you to read the article.
This happens all over. When Chicago's minimum wage is to hit $13, some business want to move out of the city.
When the minimum wage goes up in the county, some businesses want to move by a neighboring county.
I guess Pub-911 has the conception that private businesses are always full of back-up plans, waiting for the minimum wage to go up before performing them. They always find a way to survive.
His data is from the '80s, up until 1995.
Minimum wage laws are harsh on businesses that barely survive.
Here's something else that is useful. Increases in the minimum wage does destroy some jobs. It does incent companies to relocate, and some do. And some former employees will be out of jobs.
Anecdotes versus data. Motorcycle versus 18-wheeler.
Yes, it is anecdotal -- but it is written in the first person, so we know that specific person's motivations (assuming he is truthful).
Which brings to mind the old McKinsey saying. If we're in line at the company cafeteria & I ask your opinion, that's an anecdote. But, if I go back to my office and call you on the telephone to ask your opinion, that's data.
I can only think of 1 example, and that is, minimum wage going up is not necessarily a good thing, due to unemployment.
So the vast majority of people who never took an economics course, probably think increasing minimum wage is a good (or very good) thing. Others may feel "there's gotta be something bad about it, but I dunno what that is."
What are some other examples?
Some things that are useful to know, like "how to open a credit card" or "what it means when a landlord is cash-only" you don't need to take a course on economics to know. Same with taxes and definitions.
Although probably the 1st thing in economics is the law of supply and demand and the LX curve, pretty much every other thing derives from that.
But the supply and demand itself is not necessarily an economics thing, as it exists all over, take the dating and courtship world, for example.
Thanks.
I don't think it's so much of what you said. It's more of the insight that you look at what factors/fiscal policy encourages/discourages certain things.
This is almost always macroeconomics, in which people have a very poor understanding of.
1 Example:
GDP (Gross Domestic Product) is defined by:
GDP = C + I + Nx + G where,
C = consumption
I = investment
Nx = Net exports (Exports - Imports)
G = government expenditures
The US's GDP is somewhere in the 18T range. So by this definition, if we have a recession GDP goes down. Therefore, if GDP goes down, a majority of the loss will be in C, (consumers spend less due to losing their jobs). So to keep the economy floating or at least offset the losses, there's only 1 controllable factor in that equation that can do so, G, government expenditure ("stimulus package").
This is just 1 concept, but there's many various concepts in marcoeconomics that studies the impact of fiscal policy and the effect on the overall economy and people ought to understand that first, rather than only think about themselves, their neighbors, or what they see first hand. That almost always doesn't work as it's just an anecdote.
This is almost always macroeconomics, in which people have a very poor understanding of.
1 Example:
GDP (Gross Domestic Product) is defined by:
GDP = C + I + Nx + G where,
C = consumption
I = investment
Nx = Net exports (Exports - Imports)
G = government expenditures
The US's GDP is somewhere in the 18T range.
And what about NET Domestic Product?
NDP = GDP - Depreciation
Physics causes machines to wear out. But Adam Smith never owned an automobile. Karl Marx never owned an air conditioner. So how much consumption is simply consumers replacing things that wore out? Is that Economic Growth or merely Economic Maintenance?
But that Depreciation in the NDP equation is for Capital Goods only. Our Brilliant economists do not talk about NDP. Is that because they do not want us to notice that they ignore Demand Side Depreciation? Are consumers supposed to be dummies who buy stuff designed to become obsolete? Does it make sense to treat automobiles like bananas?
Last edited by toosie; 02-05-2017 at 09:53 AM..
Reason: TOS - no signatures please
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
