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"Why am I meant to feel like my "team" lost something when a study confirms something that most economists have been saying for decades?" Because that "team" d

by rsync 9y ago

"Why am I meant to feel like my "team" lost something when a study confirms something that most economists have been saying for decades?" Because that "team" did, in fact, lose something - at least in relation to the very cynical (and probably correct) charge that minimum wage increases are vote-buying. Also, I think it's worth considering that the very sound and considerable notion that "a wage price floor causes all other prices to catch up" is probably lumped right in with "the government collects the same amount of revenue at this point on the curve as on this point of the curve"[1][2]. Since that "team" is vehemently opposed to the Laffer Curve it's not surprising that they'd be vehemently opposed to other "voo doo economics". [1] https://en.wikipedia.org/wiki/Laffer_curve https://en.wikipedia.org/wiki/Laffer_curve [2] https://www.youtube.com/watch?v=uhiCFdWeQfA https://www.youtube.com/watch?v=uhiCFdWeQfA (jump to :37)

tptacek 9y ago
See, this is exactly what I mean. I'm a liberal. This study is not bad news for me. It does not follow that I somehow support supply-side economics. Literally the first bullet point I chose to wrote in describing myself as a liberal implies directly that I do not believe in supply-side policy. But your comment is written in such a way as to suggest that those are the only two options.
- rsync 9y ago
  I'm sorry - that's not what I meant. What I was trying to say was: "people who think (that team) is losing might be having a knee-jerk response to a (mistaken) link in their own minds between wage price floor theories and supply side economic theories". No, I don't think they are the only two options and further I don't think they are related at all.
maxerickson 9y ago
The Laffer Curve is only ever used as rhetoric, people that talk about it never show their work. (it's an elegant illustration, but to implement policy concrete estimates of impacts on revenues are more useful than an elegant illustration)

by rsync 9y ago

tptacek 9y ago

See, this is exactly what I mean. I'm a liberal. This study is not bad news for me. It does not follow that I somehow support supply-side economics. Literally the first bullet point I chose to wrote in describing myself as a liberal implies directly that I do not believe in supply-side policy. But your comment is written in such a way as to suggest that those are the only two options.

rsync 9y ago
I'm sorry - that's not what I meant. What I was trying to say was: "people who think (that team) is losing might be having a knee-jerk response to a (mistaken) link in their own minds between wage price floor theories and supply side economic theories". No, I don't think they are the only two options and further I don't think they are related at all.

maxerickson 9y ago

The Laffer Curve is only ever used as rhetoric, people that talk about it never show their work. (it's an elegant illustration, but to implement policy concrete estimates of impacts on revenues are more useful than an elegant illustration)