Supply and Demand Does a Poor Job of Explaining Depressed Wages
1–10 of 134 posts
Re: Supply and Demand Does a Poor Job of Explaining Depressed Wages
#2tl;dr Depressed wages are better explained by employers' ever more powerful bargaining position
Re: Supply and Demand Does a Poor Job of Explaining Depressed Wages
#3More minimum wage studies are certainly welcome, but the fact that supply and demand models are remarkably poor matches for the labor market is certainly not new. Anyone with more familiarity with Labor Economics than your typical news show talking head should be aware of this.
Re: Supply and Demand Does a Poor Job of Explaining Depressed Wages
#4tl;dr Depressed wages are better explained by employers' ever more powerful bargaining position
....which is dictated my the supply of employers
thanks for the tldr.
Re: Supply and Demand Does a Poor Job of Explaining Depressed Wages
#5It should be pointed out that studies of small increases of minimum wage that show modest harm do not immediately tell us that huge increases of minimum wage will not cause greater harm. Remember that $15/hour is more than the median wage in much of the country.
Re: Supply and Demand Does a Poor Job of Explaining Depressed Wages
#6tl;dr Depressed wages are better explained by employers' ever more powerful bargaining position
....which is dictated my the supply of employers thanks for the tldr.
I don't think you can assert that S&D is the only factor, certainly labor law has an effect on the bargaining positions
Re: Supply and Demand Does a Poor Job of Explaining Depressed Wages
#7That's because depressed wages are caused by the drive for ever increasing profits.
Re: Supply and Demand Does a Poor Job of Explaining Depressed Wages
#8It should be pointed out that studies of small increases of minimum wage that show modest harm do not immediately tell us that huge increases of minimum wage will not cause greater harm. Remember that $15/hour is more than the median wage in much of the country.
These jobs that are worth less than $15 per hour are going to be the first to be replaced by machines so whatever happens we need a solution to give people at the bottom high(er) quality lives.
Re: Supply and Demand Does a Poor Job of Explaining Depressed Wages
#9It should be pointed out that studies of small increases of minimum wage that show modest harm do not immediately tell us that huge increases of minimum wage will not cause greater harm. Remember that $15/hour is more than the median wage in much of the country.
I'm largely in favor of a $15 minimum wage, but I agree that if we were going to do this on a national level as opposed to local it would be prudent to phase it in over time so that there is time for pulling back if trouble beings to emerge.
Re: Supply and Demand Does a Poor Job of Explaining Depressed Wages
#10The world is not driven by economics (and its simplistic assumptions), it's driven by power relations and human nature.
Supply and demand is not the only thing to influence the job market -- power and knowledge asymmetries can do the same thing just as well.