Minimum Wage laws....walter e. williams
- While legislative bodies have the power to order wage increases, they have not as of yet found a way to order commensurate increases in worker productivity that make the worker’s output worth the higher wage.
- Further, while Congress can legislate the wage at which labor transactions occur, it cannot require that the transaction actually be made, and the worker hired.
Double talk.
Employees make all the money for their employers.
Williams also stated that if you voted for Trump, you are an idiot.
Of course, you don't really believe that.
David Mamet writes in "The Secret Knowledge"...
1. The adolescent, the Marxist, and the Liberal dream of “fairness,” brought about by the state. Silly. This would mean usurping the society decision that the skilled worker is entitled to higher pay than the unskilled. This decision is never pronounced by any authority other than the free market. It was arrived at via the interaction of human beings perfectly capable of ordering their own affairs.
2. Government cannot and will not correct itself- thus the necessity for elections. But society, convened as the free market, can and does correct itself…and quickly, ‘else the risk of impoverishment.
3. If the Leftist is interested in a more ‘fair’ redistribution of wealth, let him vote for lower taxes, and then he can distribute his now larger share of his wealth to the lesser compensated folks.
4.
Illustrative of reality is the fact that the Leftist refrains from paying above the stated price for goods and services…he wants, as everyone else does, competition between said services. Only then does he stand a chance of getting a “fair” price. In his own enterprise, he strives to improve quality or lower price…’else his potential customers will take their business to others. Unless he has the power of government!
Soooo.....when have you demanded to pay more than a posted price?
When?
I present two facts, and you present Libertarian bull shit.
Here more fact:
Libertarianism Makes You Stupid
Facts....???
Did you just ask for facts????
No prob....and sans vulgarity:
1. "Milton Friedman provides some critically clarifying truthiness on the unholy coalitions between 'do-gooders', 'special interests', 'trade unions', and the vicious circle that this non-market-based decision will create.
"Do-Gooders believe passing a law saying nobody shall get less than [a minimum wage] is helping poor people (who need the money). You're doing nothing of the kind. What you're doing is to ensure that people whose skills do not justify that wage will be unemployed." Milton Friedman On The Unholy Coalitions Of The Minimum Wage | Zero Hedge
Did you get that?
Friedman's saying you're a fool
2. FDR talked Congress into imposing the nation’s first comprehensive minimum-wage law in 1938. While to this day he gets a great deal of credit for these two measures from the general public, many economists have a different perspective.
The minimum-wage law prices many of the inexperienced, the young, the unskilled, and the disadvantaged out of the labor market. For example, the minimum-wage provisions passed as part of another act in 1933 threw an estimated 500,000 blacks out of work.
http://fee.org/freeman/great-myths-of-the-great-depression/
3. The weight of research by academic scholars concludes that unemployment among some segments of the work force is directly related to legal minimum wages, See K.R. Kearl, et al., “What Economists Think,” and Alston, Kearl, and Vaughn, “Is There Global Economic Consensus,” both in the ‘American Economic Review.’
4.
Minimum wage laws actually lower the cost of discriminating against the racially less-preferred individuals. To understand, consider this nonracial example on the effects of such ‘price-setting.’
a. Consider filet mignon and chuck steak. For argument’s sake, and in reality, consumers prefer the former.
b. Now ask, then why does chuck steak sell at all? And, in fact, why is it that chuck steak outsells filet mignon?? It is less preferred…yet competes favorably with something more preferred??
c. The answer is in what economists call ‘compensating differences.’ In effect the chuck says to you: “I’m not as tender nor tasty, but not as expensive,either! I sell for $4/pound, and filet mignon sells for $9/pound.”
d. Chuck steak, in effect, offers to ‘pay’ you $5/pound for its ‘inferiority,’ a compensating difference.
e. What if filet mignon sellers wanted to raise their sales against the less-preferred competitor, but couldn’t get a law passed forbidding the sale of chuck, what should they aim to do?
f. Push for a law establishing a minimum steak-price, say, $9/pound for all steak.
g. Now…chuck steak says: I don’t look as nice, I’m not tender or tasty as filet mignon, and I sell for the same price….Buy me!
h. Prior to legislation, the cost of discriminating against chuck steak was $5/pound…Now?
Race and Economics, Walter E. Williams.
5. Thus, any mandated minimum lowers the cost (encourages) indulging in racial preference, or increases the cost of training unskilled labor.
6. Now, if there are mandated minimums, employers will seek the more highly qualified candidate. Due to a number of socioeconomic reasons, white youths have higher levels of educational attainment and training.
7. It should be pointed out that minimum wage increases gives employers an economic incentive to make other changes: substitute machines for labor; change production techniques; relocate overseas; and eliminate certain jobs altogether. Race and Economics, Walter E. Williams.