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Would you like for your government to regulate prices, profits and wages?

ding

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Many here complain about income inequality. I can only assume these are the people who believe they are getting the shaft and need to blame someone else for their poor choices. I say this because men and women of reason typically take charge of their situation and change it for the better instead of wallowing in self pity and blaming others. I understand that it can feel good to pretend that you are a victim and that it is not fair or that others only are successful because they cheated or had an unfair advantage or they were just darn lucky, but that really isn't the case. So my question for you unlucky, disadvantaged and cheated individuals is this....

Would you like for your government to regulate prices, profits and wages?
 

JBond

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It worked well in Venezuela.
 
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ding

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It wored well in Venezuela.
Winner, winner, chicken dinner!

Yes, indeed. I would be shocked if one liberal entered this thread to defend socialism, but you know they all want it.
 

antontoo

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It wored well in Venezuela.

It also worked and continues to work well in America and the rest of economically developed world. Where there are certainly specific examples of government regulating some prices, some profits and some wages.


Non-nutters understand that this not a question of absolutes, this is a question of balance between the engine of free market and framework of government regulation to ensure economy that runs fair, efficient and doesn't drive off the cliff.
 

norwegen

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Yes, I would like to own a business so that someone else can tell me how to run it, please.
 

Fenton Lum

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Hell, I’d settle for a free market capitalist economic system, but we don’t have one of those and never really have had one; by design. We’ve have always had a blended economy to protect the interests of elites from the ravages of the market and to shift that burden onto the working class.

Privatized gains versus socialized losses for the Wall Street bankster class
Internalized profit versus externalized risk and expense for the “job creator” class
Socialism for the aristocracy versus laissez-faire capitalism for the masses
 

TNHarley

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Our government is corrupt, yet, some people want them to regulate everything from who you sell your personal property to - how to wipe your ass. Blows my fucking mind.
 

antontoo

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It wored well in Venezuela.

It also worked and continues to work well in America and the rest of economically developed world. Where there are certainly specific examples of government regulating some prices, some profits and some wages.
Be specific.

Minimal wage - that is a clear example of regulation of some wages.

The other examples are mostly found in inherently monopolistic businesses like basic utilities - government de-facto controls those prices and profits because consumer has little alternative but to rely on a single source for electrical/water/gas needs.

Regulation of monopoly | Economics Help
 

Iceweasel

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It wored well in Venezuela.

It also worked and continues to work well in America and the rest of economically developed world. Where there are certainly specific examples of government regulating some prices, some profits and some wages.
Be specific.

Minimal wage - that is a clear example of regulation of some wages.

The other examples are mostly found in inherently monopolistic businesses like basic utilities - government de-facto controls those prices and profits because consumer has little alternative but to rely on a single source for electrical/water/gas needs.

Regulation of monopoly | Economics Help
Minimum wage also prevents the young from getting a start in the job market. That's not a success. And I don't see how you can consider utility monopolies a success, compared to what?
 

JBond

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It wored well in Venezuela.

It also worked and continues to work well in America and the rest of economically developed world. Where there are certainly specific examples of government regulating some prices, some profits and some wages.
Be specific.

Minimal wage - that is a clear example of regulation of some wages.

The other examples are mostly found in inherently monopolistic businesses like basic utilities - government de-facto controls those prices and profits because consumer has little alternative but to rely on a single source for electrical/water/gas needs.

Regulation of monopoly | Economics Help
Do you consider minimum wage a positive government regulation of wages?
 

antontoo

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It wored well in Venezuela.

It also worked and continues to work well in America and the rest of economically developed world. Where there are certainly specific examples of government regulating some prices, some profits and some wages.
Be specific.

Minimal wage - that is a clear example of regulation of some wages.

The other examples are mostly found in inherently monopolistic businesses like basic utilities - government de-facto controls those prices and profits because consumer has little alternative but to rely on a single source for electrical/water/gas needs.

Regulation of monopoly | Economics Help
Do you consider minimum wage a positive government regulation of wages?

Yes, there should be a standard for minimal compensation for labor.
 

antontoo

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It wored well in Venezuela.

It also worked and continues to work well in America and the rest of economically developed world. Where there are certainly specific examples of government regulating some prices, some profits and some wages.
Be specific.

Minimal wage - that is a clear example of regulation of some wages.

The other examples are mostly found in inherently monopolistic businesses like basic utilities - government de-facto controls those prices and profits because consumer has little alternative but to rely on a single source for electrical/water/gas needs.

Regulation of monopoly | Economics Help
Minimum wage also prevents the young from getting a start in the job market. That's not a success. And I don't see how you can consider utility monopolies a success, compared to what?

We've had minimum wage since 1938's, I don't recall any crisis relating specifically to young not being able to start in the jobs market - do you?

Highest minimum wage was in the 60's at about ~$10-$11 in REAL terms, can you spot youth unemployment spiking?

ted_20090828a.gif


real%20minimum%20wage.png
 
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JBond

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It wored well in Venezuela.

It also worked and continues to work well in America and the rest of economically developed world. Where there are certainly specific examples of government regulating some prices, some profits and some wages.
Be specific.

Minimal wage - that is a clear example of regulation of some wages.

The other examples are mostly found in inherently monopolistic businesses like basic utilities - government de-facto controls those prices and profits because consumer has little alternative but to rely on a single source for electrical/water/gas needs.

Regulation of monopoly | Economics Help
Do you consider minimum wage a positive government regulation of wages?

Yes, there should be a standard for minimal compensation for labor.
How does that help? Some economists believe it suppresses wages.
 

antontoo

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It also worked and continues to work well in America and the rest of economically developed world. Where there are certainly specific examples of government regulating some prices, some profits and some wages.
Be specific.

Minimal wage - that is a clear example of regulation of some wages.

The other examples are mostly found in inherently monopolistic businesses like basic utilities - government de-facto controls those prices and profits because consumer has little alternative but to rely on a single source for electrical/water/gas needs.

Regulation of monopoly | Economics Help
Do you consider minimum wage a positive government regulation of wages?

Yes, there should be a standard for minimal compensation for labor.
How does that help? Some economists believe it suppresses wages.

It certainly does not depress wages. When employers are required to pay more for labor, they pay more for labor, that part is very straight forward. The only question is on the pull back in labor demand due to increased cost.


44995-land-figure3b.png


The Effects of a Minimum-Wage Increase on Employment and Family Income
 

JBond

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Curious what you believe happens to demand when the government artificially increases the price of something.
 

antontoo

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Curious what you believe happens to demand when the government artificially increases the price of something.

Basic rule of thumb is that increased cost reduces demand.

More serious estimation also includes demand elasticity analysis.
 

Iceweasel

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It wored well in Venezuela.

It also worked and continues to work well in America and the rest of economically developed world. Where there are certainly specific examples of government regulating some prices, some profits and some wages.
Be specific.

Minimal wage - that is a clear example of regulation of some wages.

The other examples are mostly found in inherently monopolistic businesses like basic utilities - government de-facto controls those prices and profits because consumer has little alternative but to rely on a single source for electrical/water/gas needs.

Regulation of monopoly | Economics Help
Minimum wage also prevents the young from getting a start in the job market. That's not a success. And I don't see how you can consider utility monopolies a success, compared to what?

We've had minimum wage since 1938's, I don't recall any crisis relating specifically to young not being able to start in the jobs market - do you?

Highest minimum wage was in the 60's at about ~$10-$11 in REAL terms, can you spot youth unemployment spiking?

ted_20090828a.gif


real%20minimum%20wage.png
We had slavery for a long time too, that didn't make it right. Of course many youths can't find jobs, what planet are you trying from? It's a beginner wage, the higher it is the less employers are going to be motivated. Have you ever owned a business?
 

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