Nothing socialist about the Soviets: from command economy to oligarchs, they haven't embraced any notion of socialism.
- The word "command economy" exists for such morons as you ... For literate people, there is the word Planned Economy. - The word "oligarch" appeared in 1993. He was thought up by Nemtsov. The USSR collapsed in 1991, when there were no oligarchs.
You've already been educated on this one, where planned economy referred to the socialist calculation debate (and the obvious failure of the socialist planner to mimic the Walrasian Auctioneer)
It was not an error?? It was established post-depression to protect workers and help stabilize the economy. It was never meant to be a livable wage! Carry that forward to today with decades of inflation and obviously the MW is not in place to provide a livable wage. Even if we wanted to consider a 'livable wage' MW there is no way to do this at a federal level...due to the significant ranges of cost-of-living across the USA. You cannot have the same MW for Mayberry RFD and San Francisco. And in these local areas, like SF, when $7.25/hour does not work, they create much higher MW laws...
If we want the US government to determine wages in the private sector then government might as well nationalize the private sector. If some so-called logic dictates that minimum wage should be $15/hour, then why doesn't this same logic dictate that anyone with a college degree gets a minimum wage of $50K/year?
How much each individual needs to live varies from person to person, location to location. How about a worker who lives in a tent with no car and only food expenses...should they be paid $2/hour? Conversely, another person who has $5000/month in living expenses, what should their minimum wage be? I just don't see how a MW can be designed to provide anyone a so-called living wage?
Evidence shows otherwise. See, for example, how minimum wage increases are found to also increase productivity levels.
See also that money is a negative motivator...Billy Bob can get a raise to $15/hour but will go ballistic when he finds his work mate is getting $16/hour. And over time when Billy Bob has tired of $15/hour then what happens to your productivity?
Again, evidence shows that overall productivity rises. It also shows that minimum wages generate a level of wage compression. This is also predicted by monopsonistic power (as we'd expect underpayment to increase further down the wage distribution)
Then stay away from the Trump mob and many of his minions. Sorry, hotshot but I am educated and experienced in business, so try your gibberish with someone else, yes?
Reasons intelligent people oppose minimum wage: 1) makes it illegal to employ people not worth minimum wage 2) raise prices for poor people who often shop where minimum wage folks work 3) speeds up automation and replacement of minimum wage jobs 4) teaches workers that you get ahead with govt violence rather than being worth more 5) raises prices, reduces demand, and thus reduces employment 6) makes American workers even less competitive with foreign workers 7) makes a huge % of work force (42%) minimum age workers with no incentive to improve their skills. speeds up transition from high density brick and mortar employment to low density on line employment 9) encourages govt to enact more libsocialist policies to get more votes from the supposed beneficiaries
Humans are going to work at a comfortable level, for a period of time each day, which enables the worker to do their job and satisfy the demands of the company. If you pay market wages for labor, then arbitrarily decide to pay some workers market wages plus 20%, you might see a productivity increase for a few days but it will be short lived. Better approach is to pay whatever market wages required to hire and sustain a workforce, then invest in training, tools, and equipment which allow workers to be more productive. Further, a company paying more than market wages, if they do not receive an equal increase in productivity, will be less competitive...
Given monopsonistic power is the norm in these markets (which has been known since job search modelling changed orthodox labour economics), any intelligent person arguing against the minimum wage must have a warped desire for higher economic inefficiency.
A lot of words, no critique of the empirical evidence. Minimum wages increase productivity and compress wage distributions. Explain those findings.
I've already referred to the evidence. You've just given opinion and decided to ignore the evidence. Won't wash!
So then why despite being asked 25 times now are you so afraid to give us your best example of this monopsonistic power? what have we learned from your fear?
Weird effort! Already referred to the source: job search frictions. It's been modelled by economists such as Burdett and Mortensen. It's also consistent with the empirical evidence, where there is a wage distribution independent of human capital and compensating differentials criteria.
why not cut the BS and give a specific company which best represents this monopsonistic power now that I've asked you 26 times? Shall we go for 27 times?
That's the trouble with right wing argument, it's typically inconsistent with basic economics. Burdett and Mortensen show that all firms have wage making power and therefore will underpay. It's also a monopsonistic approach which explains empirical phenomena, such as the positive relationship between wages and firm size (which of course traditional monopsony couldn't explain)
why not cut the BS and give a specific company which best represents this monopsonistic power now that I've asked you 27 times? Shall we go for 28 times? What is the liberal learning from his fear?
I couldn't make it simpler! All firms underpay. That's the very consequence of asymmetric information and job search frictions.
USSR head medicine? Realy? Yes it's free. Free for dead. I remember, bottle with GORCHICHNIKI a one mixture of antibiotics, and not shure, you dead from ill or this mexture. My Mother take antibiotics for animal, when I ill, becose it was better. And apartment in USSR. 10 people per room with one kitchen for 10 rooms. (1 kitchen for 100 men)
Who allowed you, scarecrow, to jump out of your cage "I am Russian and tell you everything .." Get out of here, puppy!
