The Jobless Summer - only 1 in 4 teens employed in US

More sad reality:

Black Unemployment Skyrockets to 16.7 Percent: Highest In 27 Years

 

the truth of the matter is those mathematical models are designed to confuse......I guess so that you dont know if they are working or not

 

You've made crass error. Now if I was going on about heteroscedasticity you might have a point. I'm not. I've referred to supply & demand. That supply & demand is beyond your comprehension is difficult to accept. You just need to break the shackles engineered by right wing ideology

This is a rather low brow attempt. Ask yourself, why did you come to a minimum wage thread when you do not understand basic labour economics? That you wrongly use the libertarian tag, when you've been shown to support a right wing coercion that destroys exchange opportunities, won't do you any favours

 

I really cant ever understand how somebody can find acceptable someone working for a bowl of rice.....I guess in reality its OK so long as its not them working for that bowl of rice. Typical selfishness. Now if we were talking about unions thats different as many times the high wages push a company on the brink of bankruptsy!

 

I understand labour economics better than you think......unions are outdated, they many times bankrupt a company........sometimes minimum wages can be too high.....but also remember there are limits......if you totally remove the minimum wage then companies will push down wages regsrdless of how much money they make......how do I know this? Like I said in philippines....many of the companies paying those pitifulll wages are multinationals......thats why they are there for......they can afford more of course....but hey....if they can get away paying someone just a dollar or two then thats what they will do. You may find that acceptable.....I dont.

 

You've come up with some proper blinders recently. I loved, for example, your Stalinist attack on the invisible hand. Here, however, you're simply typing nonsense to hide from your inability to understand supply & demand.

 

understanding it dont mean I have to agree with it.....so let me ask you something.....what if you were born in lets say the philippines or in cambodia? would you then agree with the crap you are saying?.....funny.....all is fine with this supply demand crap so long as you are on the other side of the fence right?

 

I don't care what you agree with. Whilst you've come out with some properly random stuff (from grunt about Keynesianism to groan about Asian country), I'm interested in comment over the minimum wage. You cannot deny the importance of monopsony and its negative effects for exchange. End of

 

yeah...and slavery is even better for business as it increases profits and would eliminate totally the unemployment rate.....and your point is?

 

Another random reply. If you can't make pertinent remark over the minimum wage then just say so. You're clearly not able to present any rebuke with regards my position

 

neither can you.....all you are doing is trying to justify something that is morally wrong!

 

That's true. I certainly cannot rebuke my position on the minimum wage. First bit of sense you've offered

 

More sad reality:

http://finance.yahoo.com/news/Unemp...tml?x=0&sec=topStories&pos=main&asset=&ccode=

 

Congratulations for referring to the consequences of the recession. Nothing to justify the elimination of the minimum wage of course!

 

Interesting article from 2009...how sad that the liberal economists had their way:

Minimum Wage Hike Could Lead To Job Losses

And of course now we are dealing with the sad realities of those faulty economic ideas to RAISE the minimum wage...as evidenced by the sky-high unemployment, especially of black teens.

 

What an over blown phony response.
Economic theory?
I run a business.
If you are left to believe that you are able to compel me to take economic risks then you are 180% wrong.
It is exactly what you affirm that we, the employers, are waiting out.

How are those "concepts" working out for you?

Your above quote reads like a pointy headed punch line.
Get a job.

 

Yep! One needs to refer to theory to understand economic phenomena. Bit obvious really.

So do I. That won't impress me

I can inform you that small firms, on average, underpay their workers more than larger firms.

They're integral. SME consultancy won't be much cop if one ignores the labour market.

 

You're all rudder and no push.
Your choice of "underpay" by those less vulnerable to compulsion is telling.

 

I've merely bothered to argue with knowledge

This doesn't make sense. I've merely referred to the empirical evidence and the exchange gains created through the minimum wage. We can play pretend of course, but you'd have to bury yourself in the most unrealistic out-dated neoclassical textbook

 

although it is correct that the lower the minimum wage, the higher the employent, the problem is that at some point its just not worth it anymore to work....we can argue then what is that breaking point....but one thing is certain.....if left just to market forces then the third world has shown us the wages just keep on falling until a point that people are just exploited!

 

Wrong! To derive that notion you'd have to assume perfect knowledge. As we move to reality, we have to consider how firms do indeed face upward sloping labour supply schedules. The existence of job search frictions is sufficient to conclude that minimum wages can increase wages and employment levels

 

think about it for a moment......in the philippines it is common to have factories with thousands of workers while similar factories here would only have a few hundred....why? simple......the factories here are mechanized with robotics and other sophisticated technology. And why you may ask? The price of labour.....it makes sence to replace a 50,000 a year employee with a 100,000 dollar robot as you get your initial investment back in 2 years....not so in the philippines.....at 4 dollars per day or 1,000 per year, it would take the company 100 years to get the initial investment back so it makes more sence to have less technology and more workers!

 

It's all in factory work-or lack of it.

1. Factory jobs are going out of this country and are already mostly completely gone from the U.S. And,

2. Kids these days are banking on being able to get a good job via college, way more than before. This is partly because of factory jobs not being nearly as present, as well as parents who push their kids too far and want them to become someone whom they really aren't; parents who want to somehow make their kids go to college despite the kid not being cut out for it.

Those are the two main factors in this change. Back in the 60's-70's and especially before that, in the 30's-50's, the two above factors weren't as strong.

Plain and simple.

 

the funny thing is not everybody can get a job in the office...somebody has to make the stuff.....and if you are thinking that the chinese will just provide it....well....the problem is what will you sell them in return? you have a service economy....do you think the chinese are going to fly to america to get a haircut or go to the movies?
Plain and simple.

 

Yes, the U.S. economy is mainly service based. I don't know what all China gets in return for their labor.