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Thread: The Economics Thread

  1. #31
    Global Moderator harsh.ag's Avatar
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    Haha yeah, unless it's Adam Smith I guess.
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  2. #32
    Request Your Custom Title Now! Uppercut's Avatar
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    Marx probably counts too. Then there are economists with second-tier fame like Ricardo, Keynes, Friedman. It's not a great career if you want to be famous. And even if you are, the best you can hope for is that you're still alive to object when all of your ideas are horribly distorted for political ends.

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    You don't make friends with Saaaaatisficing.
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  4. #34
    Evil Scotsman Furball's Avatar
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  5. #35
    Global Moderator harsh.ag's Avatar
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    Furball's avatar change the best thing to happen to CW in a long time. Just above this thread.

  6. #36
    Eternal Optimist / Cricket Web Staff Member GIMH's Avatar
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    Can anyone tell me if I will get a good pay rise next year?

  7. #37
    Global Moderator harsh.ag's Avatar
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    Quote Originally Posted by GIMH View Post
    Can anyone tell me if I will get a good pay rise next year?
    City of work and name of firm please. And what qualifies as the minimum threshold of a "good pay rise" in your book?

  8. #38
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    Quote Originally Posted by GIMH View Post
    Can anyone tell me if I will get a good pay rise next year?
    Might find your salary squeezed by the minimum wage rise.
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  9. #39
    International Regular ohnoitsyou's Avatar
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    Quote Originally Posted by harsh.ag View Post
    Have no idea how Blanchard is someone you are not supposed to have heard of!
    Agreed. Although most of my class hadn't, even though he wrote our damn texbook

  10. #40
    International Captain indiaholic's Avatar
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    Question about the Minimum Wage: It seems to be a hot topic for the next election in the states. A lot of the discussion seems to be centred around the fact that the minimum wage has failed to track inflation. Is this true? Why wasn't the minimum wage linked to inflation in the first place? Was it meant to be a temporary measure?
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    Heh.

  11. #41
    International Coach Bahnz's Avatar
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    Pretty sure in the US at least that the minimum wage has been substantially eroded by inflation over time. It's one of those things that really should be adjusted up every 3 years or so to account for the increase in living costs, but Government's tend to get spooked about the (real or imagined) employment effects of raising the minimum wage.
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  12. #42
    Global Moderator harsh.ag's Avatar
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    Quote Originally Posted by indiaholic View Post
    Question about the Minimum Wage: It seems to be a hot topic for the next election in the states. A lot of the discussion seems to be centred around the fact that the minimum wage has failed to track inflation. Is this true? Why wasn't the minimum wage linked to inflation in the first place? Was it meant to be a temporary measure?
    Minimum wages in the US have not kept up with inflation. They are not linked to inflation because that would be very difficult to reverse in case the nature of the world markets change.

    It's a toughie. On the face of it, raising minimum wages in line with inflation, aside from being "fair", would revive domestic demand, as the bottom quartile receives more income (since poorer households tend to spend more from additional income than richer households). It should also result in a better workforce, with lower attrition rates, which leads to lower training and replacement costs. Productivity has anyways been eclipsing wage growth across the board for a long time now.

    However, unskilled/low-skilled workers have been facing pressure from the developing markets' wages for some time now. Raising the minimum wages could lead to more shifting of business in the medium term. There are some good studies out there, however, which show that raising minimum wages have little to no effect on minimum wage employment. These are limited studies though, and one look at Europe can make you understand what people are talking about. Regular jobs in restaurants and the like should not be affected as such.

    There is one big change coming which could upend all these factors, and that is of course the imminent arrival of intelligent robots who may soon relieve humans of many unskilled jobs.

    One of my favorite policy proposals is a small basic income given to the bottom quartile which supplements their wages. You could even pair the basic income with a reduction of minimum wages, thus incentivising more business to stay in the domestic market.
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  13. #43
    International Coach Ikki's Avatar
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    IMO raising the minimum wage is likely to be disastrous when you consider the whole of the economy but it simply doesn't go the root of the problem. That is, most jobs on minimum wage should not be a living wage - or the kind you can raise a family on. They're the kind of jobs that require no real knowledge or experience and should be the minimum, entry-level, kind of jobs to help you move up. If you don't provide enough value to your employer to pay you a higher wage, changing minimum wage level will just result in this:



    More important are the effects of inflation and currency devaluation. Even the CPI calculator from the Bureau of Labour Statistics (USA) shows that savings in Obama's tenure alone (2009-now) have lost 10% of their value. The wages stagnating, the cost of living rising, and you have a bit of a cluster****.

    Quote Originally Posted by harsh.ag View Post
    One of my favorite policy proposals is a small basic income given to the bottom quartile which supplements their wages. You could even pair the basic income with a reduction of minimum wages, thus incentivising more business to stay in the domestic market.
    Friedman's negative income tax?
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  14. #44
    Global Moderator harsh.ag's Avatar
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    Quote Originally Posted by Ikki View Post
    IMO raising the minimum wage is likely to be disastrous when you consider the whole of the economy but it simply doesn't go the root of the problem.

    More important are the effects of inflation and currency devaluation. Even the CPI calculator from the Bureau of Labour Statistics (USA) shows that savings in Obama's tenure alone (2009-now) have lost 10% of their value. The wages stagnating, the cost of living rising, and you have a bit of a cluster****.

    Friedman's negative income tax?
    How would it be disastrous?

    The Obama tenure is the second greatest economic downturn in a hundred years, so let's not use that as an indicator for normal policy.

    Similar to the negative income tax, but not the same thing.

  15. #45
    International Coach Ikki's Avatar
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    Because IMO it undercuts the advantage lower skilled people have in terms of getting into an industry, which is particularly bad for african americans and low-income people. I think it will also distort the value of labour in comparison to what low income earners will then earn, in effect inflating the cost of human capital across the economy.

    Don't get me wrong, by using Obama's tenure I am not trying to blame him for the downturn but it's simply the most recent Presidential tenure. It's not like Bush's tenure was better in terms of curbing inflationary effects with regard to the value of the currency. If you keep printing money by the time it reaches the hands of the low income (and middle) class it will simply be worth less. Not being particularly skilled, they'll hurt the most, and 10% for these people will have graver consequences as they're living pay check to pay check just to survive.

    It's an ongoing problem, regardless of which party holds the presidency.
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