Anything they do is trivial. The 20s ended with rather open borders and a disolving economy. The 30s ended with a very robustly growing economy and rather closed borders. These are the correlations. You want to try a ‘why’?
the WPA<
Government has only your money that it can spend. Can it spend it better than you??? The notion that government spending aids an ailing economy is absolutely ridiculous.
the NRA
Certainly had no negative effect, as the slide did an immediate turn on its enactment. I say that the wage prop is the key to a robust economy. All other government meddling in the market is just nuisance.
“FTA: One issue that fails to generate consensus is the minimum wage: 37.7 percent want it increased, while 46.8 percent want it eliminate”
ME “Ever encounter one of those 37%.”
Nathan “Yes, I have actually. … David Card and Alan Kreuger? …Also note, you can not come to the conclusion that card and kreuger want minimum wage increased.”
Do I really have to point out that you negated your answer with this last statement??? Do you know of any economist who have published a plea to increase the minimum wage??? Pointing to economists who are on record as having not so negative opinion of minimum wage is not an answer to my question.
I certainly didn’t start at minimum wage. I started way above minimum wage. Only once in my life, was I ever paid minimum wage.<
So what happened to cause your wage to fall to minimum wage??? Of course you started at minimum wage!!! All wages are based on the floor plus allowance for experience and education. Everyone starts working at the entry level, unless daddy bought you an eductation that allowed you to work for nothing for years so that you wouldn’t work for minmum wage. when you started earnig something.
You input more money into the economy through “easy credit.” <
How the money is put into the economy is moot. Money circulates. It never remains where it was spent. It always is adjusting to a fluid value against all reall products in the market. You cannot isolate money to a section of the market. Your model is convaluted and just wrong.
A country can have a high GDP…yet a majority of its population are poor.<
Yeah right. so that is why good minimum wage skews the analysis by making the rich richer and the poor poorer. That is such a lame argument.
The fed is just as important as other banks.<
It is a government institution that was foisted on the banking system. It is not important except as a scapegoat when governments do other stupid things.
the bank uses that money to give a loan to another individual.<
No. Money is created by the local bank on the ledger. Money has very little to do with what is on the vault floor. Money is not made of government. Money is made of bank credit. Money is debt.
Nope, not if other factors are responsible for this rise in GDP. Now provide a causal explanation for this. Based on your ‘logic’ we should mandate a minimum price for certain businesses’ products (the effects of minimum price controls are well documented.) SImply saying Austrians (or any school of economists) are prejudiced won’t do the trick.
“Do I really have to point out that you negated your answer with this last statement??? Do you know of any economist who have published a plea to increase the minimum wage??? Pointing to economists who are on record as having not so negative opinion of minimum wage is not an answer to my question.”
There are no economists that want a plea to raise minimum wage…since studies don’t advocate anything. Besides, an economist advocating something…makes them more of an activist. Are you asking for activist economists? I believe Joseph Stiglitz does represent what I said. He did work for the clinton administration…which advocated an increase in the minimum wage. He was one of the leading economists to support an increase to the minimum wage…and say that it will cause no harm to an increase. It does answer your question.
Based on your ‘logic’ we should mandate a minimum price for certain businesses’ products (the effects of minimum price controls are well documented.)<
Trying to support the economy by supporting business is destined to fail. The consumer dollar is the base of the economy, not business. Price controls are not supportive of the consumer dollar. Minimum wage is.
There are no economists that want a plea to raise minimum wage.<
“FTA: One issue that fails to generate consensus is the minimum wage: 37.7 percent want it increased, while 46.8 percent want it eliminate”
Are you asking for activist economists? <
So 37% of economists are activist economists??? Gee, I didn’t think that the field was such a radical group!
He was one of the leading economists to support an increase to the minimum wage…and say that it will cause no harm to an increase.<
Allowing that minimum wage is not harmful is far from saying that you want it increased. According to the survey almost half of economists said that they wanted it increased, but they will only say so in anonymity. For every 10 articles on minimum wage, you should find at least 3 calling for an increase. Why is this not so??? Because the old guard has an emotional attachment to their education that they cannot overcome, and vilify anyone who moves against it.
“Yeah right. so that is why good minimum wage skews the analysis by making the rich richer and the poor poorer. That is such a lame argument.”
So you don’t believe a country can at points…have high GDP growth and many of its people having a sub-standard lifestyle?
" is a government institution that was foisted on the banking system. It is not important except as a scapegoat when governments do other stupid things."
If anything, read up on Ron Paul(who is not an economist mind you..he is an OBGYN doctor) about what the federal reserve does. You can find many of his audio books here on the mises website.
“No. Money is created by the local bank on the ledger. Money has very little to do with what is on the vault floor. Money is not made of government. Money is made of bank credit. Money is debt.”
How do you think a bank loans out money? If it is on the ledger..there has to be two entries. I would like for you to demonstrate in the bank’s ledger…how it would look. Note that in accounting practices..there are two entries for every transaction. Where would the two entries fall under?
Nonsense. Without production there is nothing to consume. So we had best insure businesses are ‘fairly’ compensated, no? A minimum wage is supportive of nothing but higher unemployment levels, just like any price control is likely (will in the absence of other factors) lead to unsold surpluses.
“Trying to support the economy by supporting business is destined to fail. The consumer dollar is the base of the economy, not business. Price controls are not supportive of the consumer dollar. Minimum wage is.”
By this logic, you should actually supporting this tax credit the government is wanting to do. They want to give all individuals I think a $1000 tax credit. Instead of going through minimum wage…government simply gives the people the money. They say that in this way, consumption will increase..and the economy will improve. Also, why not support price controls on certain products? I mean, minimum prices were established during the NRA. This is because prices were too low, and profits were low as well. If profits on businesses increase…then they can create more jobs and expand.
The thing is, minimum wage IS a price control. And you said price control isn’t supportive of the consumer dollar. So explain to us how minimum wage is not a price control.
">A country can have a high GDP…yet a majority of its population are poor.<
Yeah right. so that is why good minimum wage skews the analysis by making the rich richer and the poor poorer. That is such a lame argument."
I really don’t know what you are reading. Because I mentioned nothing about minimum wage with my statement. Also, what is meant by “good minimum wage?” Is there then a “bad minimum wage?” Also, what analysis?
“Anything they do is trivial. The 20s ended with rather open borders and a disolving economy. The 30s ended with a very robustly growing economy and rather closed borders. These are the correlations. You want to try a ‘why’?”
Um…not true. The 20’s wasn’t really a time of “free market” activity. It was far from it. If you compare the regulations of the 1920’s…to the regulations that existed prior World War I, the economy prior to WWI actually had less regulations than they did during the 1920’s. Actually, the 1930’s ended with a horrible economy. Also, can you explain in the 1930’s why unemployment averaged to about 14%? I mean, how can you say the economy is “great” when unemployment is at 14%? People in america panic when they see unemployment at 6%! Also, it isn’t a correlation to say that the 30’s ended with a growing economy. That isn’t a fact…that’s an interpretation. You need to give me “data” that suggests to you that the 30’s was a “growing economy.”
"Government has only your money that it can spend. Can it spend it better than you??? The notion that government spending aids an ailing economy is absolutely ridiculous. "
It can spend it worse than me. It is ridiculous to assume that government spending aids an economy. It is also ridiculous to assume government spending doesn’t hurt an economy. I mean, I can hurt you financially if I took your credit card and bought 20 yachts with it. Same goes with a nation. Also, government doesn’t have to spend our money. They can easily get loans from banks. Get it outside the US. We borrow money from china to fight our war in Iraq. Unless you believe that politicans are lying when they say that we are borrowing money from china. I believe the US spends over 1 trillion dollars a day. I guess the government is taking away from the public 1 trillion dollars a day? Through calculations…each individual in the united states has a little over 3300 dollars taken from them each day.
So you don’t believe a country can at points…have high GDP growth and many of its people having a sub-standard lifestyle?<
Only in transition to stagnation. The economy rests on the consumer dollar. If the population is poor, the entire economy suffers.
If anything, read up on…<
Oh for frigs sake!!! I tell you that it took me decades to get over the nonsense foisted on me in business school, and you want me to try hard to get messed up like you again?? Uh, NO! Ron Paul seems quite ignorant about where money comes from, though he puts together a passionate case. Money does not come from the government.
How do you think a bank loans out money? If it is on the ledger..there has to be two entries. I would like for you to demonstrate in the bank’s ledger…how it would look. Note that in accounting practices..there are two entries for every transaction. Where would the two entries fall under?<
Yeah, and see? You don’t seem to have a clue as to the makings of money either. Maybe you should look at this video series. It seems to have helped Nathan come around. Don’t take the conclusions too seriously, but the primary foundations of the case was impetus for me to think some 25 years ago.
Yeah, and see? You don’t seem to have a clue as to the makings of money either. Maybe you should look at this video series. It seems to have helped Nathan come around. Don’t take the conclusions too seriously, but the primary foundations of the case was impetus for me to think some 25 years ago.
Ok, how does this answer my question? If you don’t know the accounting practices…just say “I don’t know how it would look in the books.” Secondly, I suggest you watching it again…since you say things that are contrary to what this video says on how banking works. But point out excatly from this first part…you disagree with. And for references…put the time in the video so we can see it for ourselves.
They want to give all individuals I think a $1000 tax credit. Instead of going through minimum wage…government simply gives the people the money. <
Minimum wage seems to be what works best. Trying to do other things is attempt to appease the likes of you who have an emotional argument against the mw
The thing is, minimum wage IS a price control. And you said price control isn’t supportive of the consumer dollar.<
If you are trying to understand me, you understood the difference between wage control and price control. If you are just trying to mess me around as is your natural bent, please stop posting your ridiculous arguments.
Oh for frigs sake. That was you being so stupid??? I know you know better, and didn’t even notice that I was talking to you. Why don’t you attach your picture
"If you are trying to understand me, you understood the difference between wage control and price control. If you are just trying to mess me around as is your natural bent, please stop posting your ridiculous arguments. "
Ridiculous argument? Also, no I didn’t understand your difference between wage control and price control. You will need to explain it to me again…since I am un-educated in such a manner. Please make it easy to understand.
" Minimum wage seems to be what works best. Trying to do other things is attempt to appease the likes of you who have an emotional argument against the mw"
Now, what makes you think that arguments against minimum wage are “emotional?” I could easily say your argument for minimum wage is “emotional” simply by the way you react so aggressive and insult the person by saying they make “ridiculous arguments” when they give an explanation on why minimum wage is not helpful.