Posts Tagged ‘minimum wage’
Watch “Who Is the Minimum Wage Really Protecting?” on YouTube
Posted by M. C. on May 8, 2019
Posted in Uncategorized | Tagged: minimum wage | Leave a Comment »
EconomicPolicyJournal.com: Fighting The Minimum Wage in Berkeley…
Posted by M. C. on May 8, 2019
https://www.economicpolicyjournal.com/2019/05/fighting-minimum-wage-laws-in-berkeley.html
…via food delivery robots.
Spotted last night in the city of 120,000 Lefties and 250,000 regulations:
–RW
1 comment:
Posted in Uncategorized | Tagged: minimum wage, robotics | Leave a Comment »
EconomicPolicyJournal.com: Fighting the Minimum Wage: Robots Making Salad Meals for $7.10
Posted by M. C. on April 10, 2019
Minimum Wage – Accelerating robotics engineering
https://www.economicpolicyjournal.com/2019/04/fighting-minimum-wage-robots-making.html
Posted in Uncategorized | Tagged: minimum wage, robots | Leave a Comment »
Asia’s Most Radical Left-Wing Economic System Faces Harsh Reality
Posted by M. C. on February 21, 2019
Minimum wage. Getting a maximum result.
Mac Slavo
South Korea has untaken one of the most radical left-wing economic systems out there: a steep increase in minimum wage nationwide. But now, the country must face the dire consequences of that decision and the harsh reality that the regulations are destroying their economy.
South Korea is home to one of the world’s boldest left-wing economic programs. President Moon Jae-in’s flagship economic policy, “income-led growth,” has led to dramatic increases in minimum wages since he took office in 2017. Those increases are now driving a terrifying rise in unemployment, just as a slump in global trade is already buffeting Korea. The nation is now staring an economic crisis in the face.
According to the Wall Stree Journal, it isn’t just South Korea, but they seem to be the worst stranglers of their own economy.
Several countries have raised low pay levels in recent years, but guided by “Moon-nomics”, Korea has taken a rise in minimum to an extreme. Its minimum wage will rise by 10.9% this year, after a 16.4% increase last year. At 8,350 Korean won per hour ($7.44), the rate is now higher than the United States’ federal minimum wage, even though the country’s gross domestic product per capita is around half the U.S.’s. Even before these increases, the Korean minimum wage was equivalent to 53% of the country’s median wage in 2017—on par with the United Kingdom’s and higher than Japan’s. –Wall Stree Journal
South Korean ruling class claimed that their idea would “spread the wealth” more equally across the country, however, it’s done nothing but impoverish people and make finding a job all but impossible. Companies are only able to afford to pay the mandated higher wages by hiring fewer people or eliminating jobs altogether. Korea’s unemployment rate rose to 4.4% in January from 3.8% the month before, its biggest rise in nine years—just as the latest increase in minimum wage came into effect.
The won, South Korea’s currency, is dropping as a result, and their stock market is teetering on the edge…
Be seeing you
Free lunch.
Posted in Uncategorized | Tagged: Left-Wing Economic, minimum wage, Moon-nomics, South Korea | Leave a Comment »
Bernie Sanders and the $15 Minimum Wage Delusion
Posted by M. C. on February 9, 2019
In reality—and absent any other government transfers—it is better to be employed at $5 per hour, than unemployed at $15.
https://www.theepochtimes.com/bernie-sanders-and-the-15-minimum-wage-delusion_2756091.html
Forcing people to pay more for labor is counterproductive
…Why do employers want to hire workers in the first place? It’s for their productivity (technically, marginal revenue product). Consider Joe, whose productivity is $5 per hour. This means if you have Joe on your shop floor, behind a counter, pushing a broom, or washing dishes for you, your receipts increase by that precise amount: five bucks per hour.
In the absence of any minimum wage at all, what would the firm offer him? Well, like everyone else, as little as possible. Even you, gentle reader when you purchase something, don’t you look for bargains? If not, you are unique. Suppose it is 1 cent per hour. If Joe takes him up on this offer, the employer will earn a pure profit of $4.99 per hour from his labor. Is this an equilibrated, stable situation? Of course not. Some other company will bid 2 cents and “exploit him” to the tune of $4.98.
Where will this bidding war stop? Why, at $5, assuming no transactions or other costs of putting together the two parties. That is why economists have an axiom that wages tend to equal productivity. LeBron James earns lots of money since his productivity (his ability to fill seats and draw TV audiences) is so high. I earn a middle-class income since my marginal revenue product is far less than his. The guy who asks you if you want fries with that is even less productive in terms of raising revenues for the employer and tends to be paid accordingly.
Now, consider the effect of a $7 hourly minimum wage, let alone one for $15. What happens to our man Joe? He produces $5 for his employer, but can’t legally be paid less than $7. What is the result if he is hired? The firm loses $2 per hour. That isn’t a viable option. Joe will be fired, or not taken on in the first place…
Be seeing you
Free lunch.
Posted in Uncategorized | Tagged: Bernie Sanders, minimum wage | Leave a Comment »
EconomicPolicyJournal.com: Cuomo is Proud of This: Minimum Wage Goes Up in NYC to $15 per Hour
Posted by M. C. on December 30, 2018
It is union workers who do benefit from the minimum wage laws by eliminating by job competitors who would be willing to work for less but will now be prevented from doing so.
http://www.economicpolicyjournal.com/2018/12/cuomo-is-proud-of-this-minimum-wage.html#more
On December 31, 2018 in New York City, a $15 minimum wage goes into effect for most workers.
This, of course, will do nothing but cause unemployment for those whose skills do not produce $15 an hour in revenue. This is basic economics 101. But the New York State propaganda machine is featuring videos of New York Governor Cuomo taking credit for this evil anti-work law.
It is instructive that in the clip below, as he hails the minimum wage increase, it is union workers cheering him on in the background. It is union workers who do benefit from the minimum wage laws by eliminating by job competitors who would be willing to work for less but will now be prevented from doing so.
Posted in Uncategorized | Tagged: Governor Cuomo, minimum wage, NYC, union | Leave a Comment »
Why Do Leftists Settle for a $15 Minimum Wage? – The Future of Freedom Foundation
Posted by M. C. on November 28, 2018
https://www.fff.org/2018/11/16/why-do-leftists-settle-for-a-15-minimum-wage/
by
If economic ignorance among leftists (i.e., liberals and progressives) had no adverse impacts, we could consign it to the ranks of the humorous. Unfortunately, however, such ignorance has very serious adverse consequences, especially on poor people.
The classic example of this phenomenon is the minimum wage. This week a liberal website named In These Times published an article about the minimum wage by a liberal named Marc Daalder. The title of the article is ”Why Every Democrat in Congress Should Support Bernie Sanders’ $15 Minimum Wage Bill.” In his article, Daalder sets forth the standard progressive justification for the minimum wage — to help the poor, needy, and disadvantaged.
There’s one big problem, however, with that justification: It’s false and faulty. In fact, if Daalder and Sanders succeed in getting the minimum wage increased, their success will only make things worse for those at the bottom of the economic ladder.
The question that should be posed to Daalder and Sanders is this: Why settle for $15 an hour? Why not make the minimum wage equal to what Sanders receives for being a member of Congress? When broken down to an hourly basis, Sanders receives about $60 an hour. Isn’t it a bit selfish for a liberal to be receiving $60 an hour and, at the same time, arguing that workers should receive only $15 an hour? What’s up with that?… Read the rest of this entry »
Posted in Uncategorized | Tagged: leftists, liberals, minimum wage, Progressives | Leave a Comment »
Rent Control and Minimum Wage Laws Harm Those Who Are Supposed to Benefit | Mises Wire
Posted by M. C. on October 18, 2018
https://mises.org/wire/rent-control-and-minimum-wage-laws-harm-those-who-are-supposed-benefit
…The most recent example involves California’s Proposition 10, which would allow local governments there to once again impose rent control without restriction from the state. An October 6 article in the Los Angeles Timeswas titled “Will Prop. 10 help or hurt state’s tenants?” The problem is that such a question assumes all tenants can be treated as part of the same group. However, imposing rent control will treat different groups of tenants in sharply different ways. It would be a massive windfall for current tenants from landlords’ pockets, forcing rents below market value, with tenancy protections guaranteeing the windfall into the future. Los Angeles Mayor Eric Garcetti wasn’t wrong when he called getting a rent-controlled apartment “like winning the lottery.” But rent control does not benefit all renters. It would harm the far larger group of people who seek rental housing after rent control is imposed. The progressive reduction in the quantity and quality of the housing stock over time will increasingly face prospects with “no vacancy” signs rather than available or affordable units. But the usual focus on current renters as if they represent all renters hides that radically different treatment of present tenants and future tenant hopefuls. Read the rest of this entry »
Posted in Uncategorized | Tagged: minimum wage, Proposition 10, rent control | Leave a Comment »
MCViewPoint 
Don’t take this one at face value. There is an army of technicians riding orange bicycles that frequently rescue these things, and sometimes even deliver the food manually.
It’s not a triumph of automation it’s just a malinvestment.
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