new_trader
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An excellent article that expresses my sentiment exactly (Especially when you read the arguments given by Government Apologists!)
REF: http://schiffgold.com/fun-on-friday/fun-on-friday-muh-feelz-trumps-economics/
"I get really frustrated by people arguing vociferously about things they don’t know anything about. And on no subject is this more prevalent than the debate over the minimum wage. Bring up the “fight for $15” and you will suddenly get high school dropouts who can’t do basic multiplication yelling at you emphatically about the benefits of government-imposed wage floors. Because, you know, they feel like it should work."
"And I can’t really blame them. Because the average person has no clue about the economic ramifications of price floors. It’s not like they teach econ in school. And even if they did, most people just aren’t interested. To the average Joe, economics is boooooring."
"It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a ‘dismal science.’ But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.”
"There were a few people making the point that when you raise the price of something, you lower demand. That means all things being equal, there will be fewer people hired at a higher wage. They were being shouted down and pretty maligned for being mean-spirited and only caring about the rich.
But is basic supply and demand. It’s the most fundamental economic principle. It’s easily proven with a little thought experiment. Set the minimum wage at $1,000 an hour. I mean, if we can just willy-nilly raise wages, why not $1,000?
“That’s different.” Or so I’m told by many internet economists.
But it’s not."
REF: http://schiffgold.com/fun-on-friday/fun-on-friday-muh-feelz-trumps-economics/
"I get really frustrated by people arguing vociferously about things they don’t know anything about. And on no subject is this more prevalent than the debate over the minimum wage. Bring up the “fight for $15” and you will suddenly get high school dropouts who can’t do basic multiplication yelling at you emphatically about the benefits of government-imposed wage floors. Because, you know, they feel like it should work."
"And I can’t really blame them. Because the average person has no clue about the economic ramifications of price floors. It’s not like they teach econ in school. And even if they did, most people just aren’t interested. To the average Joe, economics is boooooring."
"It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a ‘dismal science.’ But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.”
"There were a few people making the point that when you raise the price of something, you lower demand. That means all things being equal, there will be fewer people hired at a higher wage. They were being shouted down and pretty maligned for being mean-spirited and only caring about the rich.
But is basic supply and demand. It’s the most fundamental economic principle. It’s easily proven with a little thought experiment. Set the minimum wage at $1,000 an hour. I mean, if we can just willy-nilly raise wages, why not $1,000?
“That’s different.” Or so I’m told by many internet economists.
But it’s not."
