4 ms·

Your source agrees with me. I made no claim as to the significance, only the direction of the effect. Additionally, this research has historically yielded mixe

Your source agrees with me. I made no claim as to the significance, only the direction of the effect. Additionally, this research has historically yielded mixed results (likely due to the difficulty of isolating the effect of minimum wage in a highly dynamic marketplace for labor). Here's a good article on the topic from the SF Federal Reserve: https://www.frbsf.org/research-and-insights/publications/economic-letter/2015/12/effects-of-minimum-wage-on-employment/ https://www.frbsf.org/research-and-insights/publications/eco... All that to say, I prefer the simple intuition that people want less of a thing when it costs more. This is a basic fact of life that most everyone seems to accept until policy gets mentioned.

toyg 2y ago
> people want less of a thing when it costs more. This is a basic fact of life And still, Apple got to be the biggest company in the world by charging more, constantly and systematically. Maybe there are more things in heaven and earth than are dreamt in your philosophy.
- nosefurhairdo 2y ago
  Huh, perhaps Samsung should double Apple's prices. By your logic, that should make them wildly successful, no? A better example of quantity demanded paradoxically increasing with price is in the designer hand bag market. The value of luxury goods is in part due to the signal they send that the owner can afford such an expensive item. However, that is just an exception proving the rule. Your point about Apple makes no sense because they've also increased the quality of the goods they ship in conjunction with their price. Unless you're suggesting that minimum wage laws somehow enhance the laborers' productive capacities.
  - toyg 2y ago
    > minimum wage laws somehow enhance the laborers' productive capacities It's even in TFA: higher wages means lower rotation, which means less constant re-training from scratch, which means higher output quality.
    - nosefurhairdo 2y ago
      If the increased productivity from wage increases offset the price, why would you need the price control in the first place? You could start a business and have a competitive edge by offering low-skilled workers relatively high wages.
      - toyg 2y ago
        Because businessmen are men, and men are greedy and scared before they are rational. Most people will invest 5 to get 10, instead of 10 to get 30.
        nosefurhairdo 2y ago
        Sure, but you are rational and see an opportunity to beat the market full of dumb, greedy men! I'm poking fun at the line of reasoning of course. Those who find the opportunities to invest 10 for 30 tend to win in a free market system. That is the beauty of competition. Merry Christmas!
        toyg 2y ago
        > but you are rational and see an opportunity to beat the market Yeah, I only need a few millions to invest /s > Those who find the opportunities to invest 10 for 30 tend to win There are so many factors at play, in a modern "free market system", that believing simple principles will always apply perfectly is just another ideology. In any case, very few businessmen will ever admit that paying more for labor can have good results - even when they directly benefit from those same results - because most of them fundamentally resent having to pay for it in the first place. And so ideology prevails. Merry Christmas to you too!
- SideQuark 2y ago
  Maybe Apple charged more, but for a different item? “Maybe there are more things…” indeed.

toyg 2y ago

> people want less of a thing when it costs more. This is a basic fact of life And still, Apple got to be the biggest company in the world by charging more, constantly and systematically. Maybe there are more things in heaven and earth than are dreamt in your philosophy.

nosefurhairdo 2y ago
Huh, perhaps Samsung should double Apple's prices. By your logic, that should make them wildly successful, no? A better example of quantity demanded paradoxically increasing with price is in the designer hand bag market. The value of luxury goods is in part due to the signal they send that the owner can afford such an expensive item. However, that is just an exception proving the rule. Your point about Apple makes no sense because they've also increased the quality of the goods they ship in conjunction with their price. Unless you're suggesting that minimum wage laws somehow enhance the laborers' productive capacities.
- toyg 2y ago
  > minimum wage laws somehow enhance the laborers' productive capacities It's even in TFA: higher wages means lower rotation, which means less constant re-training from scratch, which means higher output quality.
  - nosefurhairdo 2y ago
    If the increased productivity from wage increases offset the price, why would you need the price control in the first place? You could start a business and have a competitive edge by offering low-skilled workers relatively high wages.
    - toyg 2y ago
      Because businessmen are men, and men are greedy and scared before they are rational. Most people will invest 5 to get 10, instead of 10 to get 30.
      - nosefurhairdo 2y ago
        Sure, but you are rational and see an opportunity to beat the market full of dumb, greedy men! I'm poking fun at the line of reasoning of course. Those who find the opportunities to invest 10 for 30 tend to win in a free market system. That is the beauty of competition. Merry Christmas!
        toyg 2y ago
        > but you are rational and see an opportunity to beat the market Yeah, I only need a few millions to invest /s > Those who find the opportunities to invest 10 for 30 tend to win There are so many factors at play, in a modern "free market system", that believing simple principles will always apply perfectly is just another ideology. In any case, very few businessmen will ever admit that paying more for labor can have good results - even when they directly benefit from those same results - because most of them fundamentally resent having to pay for it in the first place. And so ideology prevails. Merry Christmas to you too!
SideQuark 2y ago
Maybe Apple charged more, but for a different item? “Maybe there are more things…” indeed.