Saturday, September 5, 2015

Basic Economics Laws Apply to the Minimum Wage



  1. This inspires me to get back to the basics. I really need to generate content that explains what only Austrian Economics does.

  2. Weak analysis and bad facts. For starters,inexperienced teens qualify for the youth minimum wage which is 4.25/hour. There is no mention of the fact that most of the people earning minimum wage are under paid. The minimum wage helps minorities more than it hurts them. Minimum wage jobs are very easy to get. If you can't get one it is probably because you are the type of person the business does not want as a customer. Sure there are people hurt by a minimum wage but there are far more helped by it. No mention of benefit. It's only costs and the costs are heavily exaggerated in this childish video.

    1. Your comment completely lacks any understanding of basic economic concepts.

      The most amusing part is where you stated that "most of the people earning minimum wage are under paid." By what standard?

      People are paid based on their ex ante discounted marginal value product (ie their expected productive contribution to the firm's bottom line, discounted by time preference).

      If you believe they are underpaid, then start a firm, and pay your employees more. If you are correct and successful then other firms will have to raise their wages to compete for labor with you. Good luck.

    2. Anon@8:27 pm,

      Weak analysis & lack of facts indeed.

      You would have been far better off to simply state the truth that your lack of critical thought is due to never progressing beyond your government-run education, never having run a business, never having signed a paycheck, never having seriously considered your belief system or why you believe what you believe, never seriously considered the consequences of ideas and clearly have no clue as to the realities of life.

  3. I second that is really what it should all be about. How i wish ron paul would run as president and start teaching austrian economics to the public again.