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Wrong again. This isn't "logic", this is well established science. It's like gravity, you can dismiss it all you want, but if you jump out of the window, you'l

Wrong again. This isn't "logic", this is well established science. It's like gravity, you can dismiss it all you want, but if you jump out of the window, you'll still end up on the floor. And you clearly didn't understand what price elasticity of demand means.

s73v3r_ 8y ago
"This isn't "logic", this is well established science." No, it very much is not. "It's like gravity" Gravity behaves the same way every time you observe it. Economic activity most certainly does not. "And you clearly didn't understand what price elasticity of demand means." Because clearly anyone who disagrees with you is only doing so because they don't understand?
- ucaetano 8y ago
  > No, it very much is not. Well, Nobel-prize winners and millions of economists around the world disagree with you, but I'm sure that your personal opinion trumps all of that. > Because clearly anyone who disagrees with you is only doing so because they don't understand? No, because you mixed "value of labor at the time" and "price elasticity of labor demand". If you had understood what price elasticity of labor demand meant, you wouldn't mix the two. If cost of labor is X, demand for labor is Y, then "value of labor at the time" is X and "price elasticity of labor demand" is dY/dX.
  - s73v3r_ 8y ago
    "Well, Nobel-prize winners and millions of economists around the world disagree with you, but I'm sure that your personal opinion trumps all of that." Very few economists would classify what they do as a science, like biology or chemistry. And no, I didn't mix anything up. I disagreed with you on your point. But because you can't back up your point, you have to resort to petty retorts. The fact of the matter is, what most economists have traditionally believed regarding wage growth and tightening labor markets has been turned on its head, due to many companies complaining about labor shortages yet there not being any real gains in wages.

s73v3r_ 8y ago

"This isn't "logic", this is well established science." No, it very much is not. "It's like gravity" Gravity behaves the same way every time you observe it. Economic activity most certainly does not. "And you clearly didn't understand what price elasticity of demand means." Because clearly anyone who disagrees with you is only doing so because they don't understand?

ucaetano 8y ago
> No, it very much is not. Well, Nobel-prize winners and millions of economists around the world disagree with you, but I'm sure that your personal opinion trumps all of that. > Because clearly anyone who disagrees with you is only doing so because they don't understand? No, because you mixed "value of labor at the time" and "price elasticity of labor demand". If you had understood what price elasticity of labor demand meant, you wouldn't mix the two. If cost of labor is X, demand for labor is Y, then "value of labor at the time" is X and "price elasticity of labor demand" is dY/dX.
- s73v3r_ 8y ago
  "Well, Nobel-prize winners and millions of economists around the world disagree with you, but I'm sure that your personal opinion trumps all of that." Very few economists would classify what they do as a science, like biology or chemistry. And no, I didn't mix anything up. I disagreed with you on your point. But because you can't back up your point, you have to resort to petty retorts. The fact of the matter is, what most economists have traditionally believed regarding wage growth and tightening labor markets has been turned on its head, due to many companies complaining about labor shortages yet there not being any real gains in wages.