|
Korean Job Discussion Forums
"The Internet's Meeting Place for ESL/EFL Teachers from Around the World!"
|
| View previous topic :: View next topic |
| Author |
Message |
huffdaddy
Joined: 25 Nov 2005
|
 Posted: Tue Nov 14, 2006 4:59 pm Post subject: |
 |
|
| cbclark4 wrote: |
| I quoted Clinton's top dog on economics. Play fair it is a qualified citation, 1993 is only one president in the past. |
Sure, I'm aware that many economists claim a higher minimum wage has adverse effects. But notice the qualification I highlighted regarding equilibrium.
| Quote: |
| Give one piece of math to back up your cites. Constants work in the real world. Even Chaos theory invokes constaints. Six sigma statistics uses constaints. |
 Here some simple math you might understand:
Company A pays its workers the minimum wage, $5, to make a widget. Materials cost $5. They sell their widget for $12, for a net profit of $2 a widget.
Company B pays its workers $7 to make a widget, pays $4 for materials, and also sells its widget for $12. For a net profit of $1 a widget.
The minimum wage is raised to $6. Company B maintains its $7 wage. Company A nows pays its workers $6 and has its net profit reduced to $1 a widget.
Can Company A raise its price? Not as long as Company B doesn't (competition and all). Will Company A reduce its workforce? Probably not, as they are still making a net profit on every widget.
| Quote: |
The economic tool we refer to as ceteris paribus envokes the holding of everything to be held constaint with the exception of the factors under discusion. It is used throughout most economic textbooks to lead to an understanding of the topic.
We say for instance E=MC^2. The exponent in the above is necessarily a constaint. The reality is in the math. |
You can't compare economics to physics or chemistry. You can't keep variables constant in economics. It makes the math easier, but doesn't necessarily reflect reality. Trust me, I have a lot more experience in the field than you do. |
|
| Back to top |
|
 |
Porter_Goss
Joined: 26 Mar 2006
Location: The Wrong Side of Right
|
| Posted: Fri Nov 17, 2006 6:41 am Post subject: |
|
|
| Quote: |
History of Minimum Wage in Washington State
Effective date Minimum wage per hour
January 1, 2006 $7.63
January 1, 2005 $7.35
January 1, 2004 $7.16
January 1, 2003 $7.01
January 1, 2002 $6.90
January 1, 2001 $6.72
January 1, 2000 $6.50
January 1, 1999 $5.70
(September 1, 1997)
$5.15
(Federal minimum wage change)
January 1, 1994 $4.90
January 1, 1990 $4.25
January 1, 1989 $3.85
January 1, 1976 $2.30
September 1, 1975 $2.00
January 1, 1974 $1.80
January 1, 1968 $1.60
January 1, 1962 $1.25
June 30, 1961 $1.15 |
Washington rocks! Too bad $7.63/hour in Seattle doesn't amount to anything. |
|
| Back to top |
|
|
thepeel
Joined: 08 Aug 2004
|
| Posted: Sun Feb 11, 2007 9:05 pm Post subject: |
|
|
| Quote: |
New wage boost puts squeeze on teenage workers across Arizona
Employers are cutting back hours, laying off young staffers
Oh, for the days when Arizona's high school students could roll pizza dough, sweep up sticky floors in theaters or scoop ice cream without worrying about ballot initiatives affecting their earning power.
That's certainly not the case under the state's new minimum-wage law that went into effect last month.
Some Valley employers, especially those in the food industry, say payroll budgets have risen so much that they're cutting hours, instituting hiring freezes and laying off employees. |
http://www.azcentral.com/news/articles/0210biz-teenwork0210.html
Wages go up, as does unemployment amongst the most unskilled. I suspect that employment of illegals has also increased, but I can't find a study just yet. |
|
| Back to top |
|
|
|
|
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
