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Free Market Fundamentalist Ideology is based on a Logical Fallacy.

Discussion in 'Economics & Trade' started by Kyklos, Jul 8, 2018.

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  1. Reiver

    Reiver Well-Known Member

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    Go from the Washington Consensus onwards. I can only refer to the economic terminology correctly. A sucker for accuracy no less.
     
    Reiver, Jul 30, 2018
    #76
  2. LafayetteBis

    LafayetteBis Well-Known Member Past Donor

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    Thank you, but I've really had my daily dose of one-liner aneries ...
     
    LafayetteBis, Jul 30, 2018
    #77
  3. Moonglow

    Moonglow Well-Known Member

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    It's all relative to want.
     
    Moonglow, Jul 30, 2018
    #78
  4. LafayetteBis

    LafayetteBis Well-Known Member Past Donor

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    Yes, that's the meaning of what I said.

    Do you speak English natively or just here to learn how to do so ... ?
     
    Last edited: Jul 31, 2018
    LafayetteBis, Jul 31, 2018
    #79
  5. LafayetteBis

    LafayetteBis Well-Known Member Past Donor

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    "You" who ... ?
     
    LafayetteBis, Jul 31, 2018
    #80
  6. Derideo_Te

    Derideo_Te Well-Known Member

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    Never ceases to amaze me how ignorant they can be regarding the basics of worker motivation. Any employee who owns a portion of the corporation that he works for is always going to be more highly motivated than someone who is being paid minimum wage to work for a boss who doesn't give a crap about the workers. You don't need "career paths" and "motivation seminars" and "team building" overheads when the employees know that they are directly responsible for the profits that will end up in their own pockets.
     
    Derideo_Te, Jul 31, 2018
    #81
    Reiver likes this.
  7. LafayetteBis

    LafayetteBis Well-Known Member Past Donor

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    I suspect that the example you gave above of those working for the Minimum Wage is highly specific.

    From the BLS here:
    Half a million minimum-wage workers does not represent the "Amarikun worker". I suspect what grates are those not counted by working at $8 an hour. Frankly, if the Poverty Threshold were $12 per hour ($25K a year) for a family of four and only one working parent, then any wage below that level is decidedly unfair.

    From Pew Research here:
    And,
    [​IMG]

    So, when it comes to "who supports who" in a political context, clearly, the minimum-wage earners are particularly militant Democrats.

    But, who can blame them? All they want is a decently livable wage, and that happens at $15 an hour (or $31.2K a year). Which is well enough below the Average Wage in the US somewhere around $58K annually - that is, 53% of the Average Wage ...
     
    Last edited: Jul 31, 2018
    LafayetteBis, Jul 31, 2018
    #82
  8. LafayetteBis

    LafayetteBis Well-Known Member Past Donor

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    Some highlights from the Bureau of Labor Statistics, here, regarding low-wage earners:
     
    Last edited: Jul 31, 2018
    LafayetteBis, Jul 31, 2018
    #83
  9. Reiver

    Reiver Well-Known Member

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    Minimum wage effects do also give the game away. It's found that, following minimum wage increases, there are productivity gains. This is consistent with the efficiency wage hypothesis (e.g. sociological modelling of fairness effects). If these productivity enhancement effects are available to managers, we have to ask why don't they voluntarily offer higher wages. There are two explanations. First, managers are stupid and only capable of setting low wages according to social norms. Second, despite the productivity gains, overall rent is threatened. This seems more likely. We see similar analysis via the empirical analysis into unionisation. That shows increases in productivity, but reductions in profitability (consistent with rent redistribution)
     
    Reiver, Jul 31, 2018
    #84
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  10. GodTom

    GodTom Well-Known Member Past Donor

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    James M is who I was quoting.
     
    GodTom, Jul 31, 2018
    #85
  11. LafayetteBis

    LafayetteBis Well-Known Member Past Donor

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    Good luck on that one ...
     
    LafayetteBis, Jul 31, 2018
    #86
  12. Reiver

    Reiver Well-Known Member

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    Weird one really. James doesn't really do economics, but LafayetteBis just copy and pastes from business magazines.
     
    Reiver, Jul 31, 2018
    #87
  13. james M

    james M Banned

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    Never ceases to amaze me how 100% ignorant liberals are. If higher wages worked a free capitalist company would try it and drive the competition into bankruptcy. Econ 101 class one day one.
     
    james M, Aug 1, 2018
    #88
  14. james M

    james M Banned

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    totally 100% ignorant liberalism of course. they have 10 times the wages of an average African and yet you say it is not a living wage? Obviously, the liberal exists to always seek more welfare no matter how much has already been granted.
     
    james M, Aug 1, 2018
    #89
  15. Quadhole

    Quadhole Well-Known Member

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    Guessing here, but think today you went to the doctor and they refilled your SCRIPT ?
     
    Quadhole, Aug 1, 2018
    #90
  16. james M

    james M Banned

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    translation: I lack the IQ for a substantive response
     
    james M, Aug 1, 2018
    #91
  17. LafayetteBis

    LafayetteBis Well-Known Member Past Donor

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    Useless one-liner twaddle ...
     
    LafayetteBis, Aug 2, 2018
    #92
  18. Reiver

    Reiver Well-Known Member

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    Comparison with Africa can be useful. Here, for example, we see the real nature of 'free market economics': rent seeking enabled by 'race to the bottom corporations.
     
    Last edited: Aug 2, 2018
    Reiver, Aug 2, 2018
    #93
  19. Reiver

    Reiver Well-Known Member

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    Laf tries irony!
     
    Reiver, Aug 2, 2018
    #94
  20. Longshot

    Longshot Well-Known Member

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    I knew you would not be able to.
     
    Longshot, Aug 2, 2018
    #95
  21. Reiver

    Reiver Well-Known Member

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    So you make a bogus link and then moan because I acknowledged it? Yep, that'll work!
     
    Reiver, Aug 2, 2018
    #96
  22. Longshot

    Longshot Well-Known Member

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    Link?

    Once again, another non-content post.
     
    Longshot, Aug 2, 2018
    #97
  23. Reiver

    Reiver Well-Known Member

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    Love the irony. Get back go me when you can actually say something relevant to the thread. I won't be holding my breath
     
    Reiver, Aug 2, 2018
    #98
  24. james M

    james M Banned

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    its a given that corporations and people seeks the best "rent" or the most money they can get. If a business tried to pay higher wages to rent seeking workers it would soon go bankrupt by impoverishing its customers. It pays to think before you post.
     
    james M, Aug 2, 2018
    #99
  25. Reiver

    Reiver Well-Known Member

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    Wow, you dont understand the difference between profit and rent do you? The latter necessarily refers to economic inefficiency (generated through market failure)
     
    Reiver, Aug 2, 2018
    #100
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