4 ms·
Fundamentally you have to choose. Does society serve the market, or does the market serve society? I realize that legislating that it not rain on Saturday is r
by jfoutz 8y ago
Fundamentally you have to choose. Does society serve the market, or does the market serve society?
I realize that legislating that it not rain on Saturday is ridiculous. But it is certainly reasonable to influence the market. Save in the good times, spend in the bad. Ensure market participants are well equipped to make informed decisions, tax what you don’t want and subsidize what you do.
I (think I) understand that the market is incredibly powerful, and should be harnessed for the advancement of society, like oil. But it requires careful thought. It’s not as simple as a u shaped harness for a horse.
Of course, I’m just here for the points, so feel free to disregard, rather than having an actual conversation.
- KirinDave 8y agoOkay, but tons of educated economists who's entire job is thinking about this stuff and peer reviewing other expert's work suggest that evidence doesn't back up the claim that minimum wage kills jobs at scale. They cite as evidence a full time labor demand thst does not seem to contract in anything but a temporary manner when minimum wages are altered. We've got lots of examples of this all over the world. But what do I know, I just listen to experts and read their papers and articles.
- jfoutz 8y agoI see you're clearly not a fan of Card and Krueger. But it's deeper than that. I'm happy to vote away minimum wage if (and it's a big if) there's something we replace it with that continues to serve society. what would you like? basic income? some complicated tax credit scheme? I think minimum wage workers in general aren't good at negotiation, and as such they're paid below the actual floor of supply and demand. they're not capable of extracting fair compensation the value they provide. The other possible effect is humans aren't regular market objects. They make a little more money, their life is stable, they do better work. One example might be falling recidivism rates when compared to minimum wage. [1] crime is expensive. probably not as expensive as bumping minimum wage a dollar, but has the effect of making everyone a little safer. But again. you enjoy your papers, i'm just here for the points. [1] http://newsstand.clemson.edu/mediarelations/minimum-wage-can-affect-criminal-recidivism-clemson-study-says/ http://newsstand.clemson.edu/mediarelations/minimum-wage-can...
- swfsql 8y ago> Does society serve the market, or does the market serve society? None. The society is the market, and the market is society.