Today’s wage is only a small part of the cost input, setup wages etc being other factors. Increasing the wages automatically makes today’s work more valuable than yesterday’s work.
Higher prices are a symptom of a healthy economy. How is it self defeating?
Sigh, there we go again - demand does not exceed supply, or so says Arman. Proof? Anecdotal “evidence” like facebook won’t do, FYI.
BTW, consumers own nothing but their own holdings - businesses provide them with a service; from this it does not follow that consumers own them.
No, it doesn’t. It makes it more expensive, which means less will be purchased.
How utterly wrongheaded. Productivity increases imply lower prices. Artificial increases in prices due to monetary expansion, price controls etc.do not correspond with productivity increases, thus add nothing of value to the economy, and will in time be met with adjustments that cancel out any temporary benefits they may provide to particular individuals. Higher prices in this case just means something is now more expensive to consume, due to government decree, with no increase in either quality or quantity.
That’s complete nonsense. You may as well argue that all people are resellers, they buy food and reseller those calories in the food as labor. LOL. Apparently, you don’t understand accounting either, in addition to not understanding economics.
People who can afford the equipment and time to make facebook videos are not a good representation of minimum wage earners. BTW, people who actually went to B-schools 33 years ago are usually not up to date on facebook videos, either.
Hyper-inflationary ecomomies must be the heathiest of them all, then 
That I am of a different opinion is evident. That I am wrong is your opinion. Price contraction is evidence of economic contraction, in spite of a declared growth in GDP, such as was seen at the end of the 20s. A healthy economy will have some inflation.
First off, no duh that is his opinion. Who else could it be? Secondly, saying that doesn’t mean his statement is automatically false. Also, when you speak of “price contraction” do you mean it in terms of real prices or nominal prices? Because it is true that nominal prices have been increasing, but does that follow that real prices have increased too? Are you going to say to us that a healthy economy means people are able to buy less?
How can you say it is a “small part?” It is a big part in the sense that it is one of the few costs that the employer can control directly. Also, increasing wages does not make work more valuable. If that is the case, I can make a bus boy very valuable in the eyes of the employer by simply making him cost more. I can make ANYTHING more valuable to the eyes of consumers if I raise the price. I can even make a burrito at chipotle look as valuable of a diamond if I raised the price of it to $5000. Raising it to $5000 will make today’s burrito more valuable than yesterday’s burrito.
That’s a great argument. Well not great, but probably as good as you’ve ever come up with.
Talking about facebook ‘videos’ illustrates your point. It is a huge chat room where students are loosely lumped together by institution, interest, etc. I seriously doubt that there is a secondary or post secondary educational institution not represented. How can you in good conscience slam what I do without a clue to what I’ve done? Why are you so obtuse?
If that was the only thing he said, then this would be bad. Is this the only response he gave you Arman, or was that the only thing you read?
Arman, about facebook, you have to realize that most people in colleges are not young people. For example, most of the enrolled people at my community college are actually over 30. Same probably goes for many major colleges. But the fact remains, using your time through facebook as “proof” does not count. There are thousands of minimum wage groups..for and against. Can you honestly tell me you’ve looked through EVERY minimum wage group…and looked through every single post and sub-forum of those groups and found ONLY that story of that girl?
I’ve invetigated enough to change my own opinion. If I knew what it would take to change yours, then we could go there.
So says the junk mail you get. So says all the resources that go into pushing resources towards consumption. There is no scarcity.
Nope, you’re just plain wrong. You’re confusing real factors in the economy with monetary ones.
You’ve still provided no evidence that scarcity is non-existent (or that goods are ‘unlimited’ in your vocabulary.) Continue with the insulting tone, and your time here will be limited, I promise.
When I say that there is no scarcity, I do not mean that there is no limit, regardless what others have said. I mean that demand does not exceed supply. And by demand, I do not mean unqualified want. You seem very incapable of comprehension. How can I not be insulting? And you think threats are the way to go? You do what you think you must. What you cannot accept you must silence, right?
You are denying scarcity though by saying that supply exceeds demand, i.e. that goods are abundant. You conveniently equate malinvestment and entrepreneurial activities that assuage scarcity with a lack thereof. Now where is your actual proof that supply exceeds demand?
If I wanted to silence you on the basis of your arguments, I’d have done so 10 pages or so back. So please don’t waste my time with that sort of nonsense. Drop the condescending tone and personal attacks (this is very easy - simply stop employing them), or you will be gone. Consider yourself warned.
Did you get any junk mail today?
We are on opposite sides of a debate that is quite meaningful to us. How can we not be insulted and insulting? You think you have not insulted me?? You think you have not taken a condescending tone with me?? You think others have not done likewise??
I consider myself unwarrantedly threatened
You are not answering my questions and are wasting my time. If anyone has been condescending to you it is because of your own attitude, so no sympathy for you on my part. Now are you going to offer a proof or just more evasions?
What is junk mail if it is not excess resources being utilized to promote the consumption of excess resources?
You ignore my response and then accuse me of not making a response. How insulting is that?
So basically, you mean it in the economic definition. That when supply exceeds demand, that companies as a whole are over-producing. That they create more product than what is being bought. Also, what “threats” is he making? Please explain these “threats.” Demand ALWAYS exceeds supply, since demand is unlimited. In order for your statement to be true, you must provide to us that human wants and desires are limited. If you can prove this, then we can accept supply is always greater than demand.
Really, enough? What would it take? I don’t know, maybe providing real statistics? Not using your own observation as proof? I mean, from my own observation, I say Ron Paul is the leading candidate in the republican primaries. And this is me looking at Facebook, and Digg. Alas, this is not true. They don’t make up the majority of people. The majority of the population is not on facebook. So trying to find that person on facebook who got laid off because of minimum wage…is very unlikely. But since you won’t say how much you investigated on facebook, I can’t really take your word for it that you have looked through all the minimum wage groups to determine your conclusion that minimum wage hasn’t hurt anyone.
This is totally false. You can be on opposite sides of a debate, and not insult anyone. That is very possible. You can look at the debate about minimum wage between walter block and Blundell. It is posted in that minimum wage group I am a part of in facebook. A debate does not mean using insults…or having insults. You may be taking it a little too personally.