Topic: Minimum wage. - page 4. (Read 4826 times)

Notice that I did not say "all studies"? Thanks for those 6 examples. Here's a lot more of them over the past 50 years:

http://www.jec.senate.gov/public/_cache/files/c876c468-ffca-47ed-9468-7193d734bde9/50-years-of-research-on-the-minimum-wage---february-15-1995.pdf

The employment effect of the minimum wage is one of the most studied topics in all of economics. This report examines the most recent wave of this research –roughly since 2000–to determine the best current estimates of the impact of increases in the minimum wage on the employment prospects of low-wage workers. The weight of that evidence points to little or no employment response to modest increases in the minimum wage.
http://www.cepr.net/documents/publications/min-wage-2013-02.pdf

Notice that I did not say "all studies"? Thanks for those 6 examples. Here's a lot more of them over the past 50 years:

http://www.jec.senate.gov/public/_cache/files/c876c468-ffca-47ed-9468-7193d734bde9/50-years-of-research-on-the-minimum-wage---february-15-1995.pdf

While it is not yet clear why Card, Katz and Krueger got the results that they did, it is clear that their findings are directly contrary to virtually every empirical study ever done on the minimum wage. These studies were exhaustively surveyed by the Minimum Wage Study Commission, which concluded that a 10% increase in the minimum wage reduced teenage employment by 1% to 3%.

Irrespective of its economic effects, it's coercive. It obstructs voluntary association. I am therefore opposed to it.

Research Shows Minimum Wage Increases Do Not Cause Job Loss

http://www.businessforafairminimumwage.org/news/00135/research-shows-minimum-wage-increases-do-not-cause-job-loss

Raising the Minimum Wage Boosts Growth and Does Not Cause Unemployment
http://www.huffingtonpost.com/aaron-pacitti/raising-the-minimum-wage-_3_b_7152976.html

Myth: Increasing the minimum wage will cause people to lose their jobs.
http://www.dol.gov/minwage/mythbuster.htm

The evidence is clear: increasing the minimum wage doesn't cost jobs
http://www.theguardian.com/commentisfree/2014/jun/11/the-evidence-is-clear-increasing-the-minimum-wage-doesnt-cause-unemployment

The Most Rigorous Research Shows Minimum Wage Increases Do Not Reduce Employment
http://www.raisetheminimumwage.com/pages/job-loss

Why Does the Minimum Wage Have No Discernible Effect on Employment?
http://www.cepr.net/documents/publications/min-wage-2013-02.pdf

Why do most studies on the topic disagree with you? Does that ever raise any red flags in your mind? It should.

Why do most studies on the topic disagree with you? Does that ever raise any red flags in your mind? It should.

Why do most studies on the topic disagree with you? Does that ever raise any red flags in your mind? It should.

Why do most studies on the topic disagree with you? Does that ever raise any red flags in your mind? It should.

Why do most studies on the topic disagree with you? Does that ever raise any red flags in your mind? It should.

Why do most studies on the topic disagree with you? Does that ever raise any red flags in your mind? It should.

Why do most studies on the topic disagree with you? Does that ever raise any red flags in your mind? It should.

And that, of course, can be a *lot* different that the value they contribute in creating goods and services.

When there is an oversupply of workers, unless there is some other means of setting price (wages), the market sets their wages lower, and the owners reap costs savings and greater profit.

Which is basically what we've been seeing over the past three decades.

Some economists say it is wrong to look at just wages because other aspects of employee compensation, notably health costs, have risen. But overall employee compensation — including health and retirement benefits — has also slipped badly, falling to its lowest share of national income in more than 50 years while corporate profits have climbed to their highest share over that time.

was it a global economy when he was around? The times change and either you compete, or lose. The same goes for workers. It is up to the individual to make themselves as valuable as possible. The good looking girl gets more guys coming to her as opposed to the 300 pound girl.

higher minimum wages produces more jobs

That's also what I meant. Any person is worth whatever someone else is willing to pay them.

Employees and their time is worth what the market determines.

for me it's all of the above. A developer who allows me to introduce products in less time than other developers is valuable to me.

A salesperson who brings in good numbers is compensated well for their success. Those successful salsepeople then allow me to hire good developers so we can create better products thus making it easier to sell and the cycle continues.

But, that all began with a dream (mine) and risking EVERYTHING and getting the product and market right. If I was wrong, then there would be no salespeople as I was the initial salesperson. There would be no development "team" as I could not initially afford them.

I hold all accountable and don't measure by hours worked. If I make a mistake and hire a person with a poor work ethic, I quickly release them. I owe it to myself, to my shareholders and employees (who also have options) and to my customers.

I can't have price increases to compensate for lazy employees (this isn't the govt). I can't have lost revenue due to lazy employees which then affects the performers.

I'm not in a sector where I have min wage employees but a fair argument is that if min wage increases by 40%, should I increase wages by 40% of all of my employees? How do I tell them that they are now only worth 3x min wage as opposed to 4x or more? If I compensate for the min wage increase and give a proportionate increase across the board, how do I determine which employee(s) I lay off in order to free up the cash flow to hand out the pay raises?

You see, a magic pot of money does not come my way the first day/week/month/quarter/year after a wage increase. I have a finite cash flow and must manage it.

I am positive 100% that retail stores and other min wage type employers have the same concern that a pot of money does not arrive the day/week/month/quarter that min wage increases and that they would need to compensate for the cash flow impact.

When a large segment of society has been priced out of the job market, it is society's problem. Because if society's only solution is to tell them to be more like Edison, they are going to tear society down.

Failing to solve a person's problem for them is not the same as ignoring it. What society can (and should) do is be honest with people. Tell folks if what they're doing now is not very valuable or will likely have no value at all (become obsolete) in the near future.

The reality is if many people do not become more like Edison, if they do not start finding ways to contribute other than running errands and turning wheels, then (according to your prediction) their contributions will become obsolete. Their current contributions will no longer be valued by society. You have not established as a fact that half the population has nothing to offer more valuable than zero.

It is my sincere hope people will listen. If they choose to ignore the problem and hope it goes away... the future will be difficult for them.

I'm not in a sector where I have min wage employees but a fair argument is that if min wage increases by 40%, should I increase wages by 40% of all of my employees? How do I tell them that they are now only worth 3x min wage as opposed to 4x or more? If I compensate for the min wage increase and give a proportionate increase across the board, how do I determine which employee(s) I lay off in order to free up the cash flow to hand out the pay raises?