Monday, May 19, 2014

Forget The Nobel!

By Chris Rossini

Check out what these Nobel Prize winners support:


To my knowledge, at least as of Dec. 2013, Krugman can also be added to the list:
In short, raising the minimum wage would help many Americans, and might actually be politically possible. Let’s give it a try.
If these Nobel Prize winners can't see the problem with the minimum wage (i.e. simple supply & demand) then it's obvious that the prize has become a joke.

If you're a budding economist, have some self-respect and don't strive become a part of what has become a fantasy. The Mises Institute has the awards you are looking for. You can win them with some pride.



Chris Rossini is on Twitter



10 comments:

  1. A corollary might also apply. If all these economists who clearly understand supply and demand endorse raising the minimum wage maybe you are missing something.

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    1. If all these economists understand supply and demand, then clearly they understand that raising the minimum wage will force more people into unemployment than there otherwise would have been without a change in the law.

      Therefore the corollary to Mr. Rossini's suggestion that these Nobel Prize winners can't see the problem with the minimum wage is that these Nobel Prize winners can see the problem but actually prefer to see people forced into unemployment.

      Mr. Rossini, being kind hearted, possibly wishes to give these Nobel Prize winners the benefit of the doubt and assume that they are just stupid and not evil.

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  2. The last guy on the right looks almost exactly like an Undead character in World of Warcraft. Coincidence?

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  3. Noble prize winners....LOL! They should have been mailed a dune cap instead.

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  4. The Nobel Prize winners are stupid and the amateur has it figured out. That's about as likely as Ron Paul winning a presidential election.

    They understand supply and demand. You don't understand elasticity of demand. They're right. You're wrong.

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    1. The elasticity of demand does not address the problem at all.

      At best, it merely attempts to discuss the proportion of people who might get some benefit from others being forced out of work. It does not address the fact that raising the minimum wage will force more people into unemployment than there otherwise would have been without a change in the law.

      The elasticity argument is a red herring.

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    2. Re: Jerry Wolgang,

      -- You don't understand elasticity of demand. --

      The term does not mean what you think it means. You assume that those economists argue that a minimum wage hike does not affect unemployment because employers still demand labor, but these economists do not seem to remember that there used to exist "Full Service" gas stations, which means employers do not have a personal problem with money.

      You also seem to ignore the fact that those particular seven economists are quite partisan (i.e. they're leftist hacks and not real economists.)

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    3. Here I go, feeding the troll.

      Elasticity of demand does not reverse supply and demand, JW. Best case scenario would be that if low-skilled workers are *incredibly* inelastic, then raising the minimum wage will simply result in a little bit more employment, rather than a lot more unemployment.

      There is no scenario in which employment would not be affected at all, or would go up.

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    4. Yeah, Hairy Wolfie is right. Inelasticity is a stable and constant number, economics is just like physical sciences where Nobel Prize winners can predict and think for millions of different individuals and businesses interacting in real time.

      Look how wonderfully inelastic the demand is in Europe!!! It's not as if they are suffering from 35%+ youth unemployment or anything like that during this downturn ;)

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