Posted on 02/15/2021 1:20:36 PM PST by E. Pluribus Unum
With Joe Biden as president, the days of the national minimum wage at its present $7.25 per hour may soon be gone. It will likely be raised to $15 or more and also indexed for inflation, whether it is stuck into a COVID bill or sent to Congress on its own.
But this enactment would be a joblessness bill for “the least, the lost and the last” among us, the very people who suffer the most economic hardship.
The unemployment created by this pernicious legislation always attacks the poor and the unskilled, precisely the people who can least afford it. But it is even more crucial to understand this economic law in the age of pandemic, given present high unemployment rates. Let us, then, more clearly understand the malevolent effects of this unwise legislative enactment.
What determines wages? At what level would wages register were there no laws on the books whatsoever regarding this matter?
The long answer is that discounted marginal revenue product, DMRP, or productivity for short, determines wage levels. What, in turn, is that? Many people talk about productivity, and we all know, roughly, what it means, but what are the exact specifications of this concept? It is all about how much you add to the firm’s bottom line.
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If the business receipts rise by $5 for every hour you are on the shop floor, or behind the counter, or pushing a broom, then that is the level of your productivity. We posit, here, that the reason for the increase in sales is solely due to your efforts, all else held constant.
(Excerpt) Read more at westernjournal.com ...
Cite your sources for this term you made up.
Medium is just another word that means mathematical average or mean.
Mean is the better term to use. And it looks like Medium as a term meaning mathematical average had been deemed obsolete by at least some.
Look up Average.
•average (adjective)
middling, predominant, median, mid, run-of-the-mill, customary, everyday, mezzo, stock, medium, middle-of-the-road, dominant, moderate, commonplace, mediocre, conventional.
Personally I don’t need an ECON Prof to tell me and us...what a stupid idea it is....
Some people only accept what THEIR “experts” say.
All of those benefits should at least be part of the calculation to arrive at 15 dollars an hour
Funny, even in my years of postgrad mathematics and statistics, nobody ever, ever used “medium” as a synonym for “mean” in any textbook or lecture. I wonder which school you attended that did so...
You haven’t succeeded in making me feel dumb, but I do feel old.
The truth is I think medium was falling out of favor in preference to mean back when I went to school. But they still taught the meaning of medium.
But it looks like the web has been scrubbed. Most of the references to median I could find on the web were actually mistakes were they meant median.
Medium has so many definitions now. Just everywhere I said medium substitute mean.
I probably have multiple books that define medium that were written back in the 60’s and 70’s. But I’m not going to dig them out for you.
When I was an undergrad, I went out with this girl who had a math degree and was working on her masters. We had a class, differential equations with the imaginary number i, together.
We were studying together and I was shocked to learn that she didn’t know what a multiple was. That’s grade school terminology. Somehow she earned a math degree and didn’t know what a multiple was.
Then we started combining advanced set theory with matrix calculus and she blew me away. I ended up dropping the course. She stayed in. It was an elective for me.
In which year did you attend university where the math profs were teaching you the word “medium” to mean average?
Oddly, you hardly hear anyone point out raising minimum wage REDUCES the paycheck power of someone who worked years to make more than minimum wage.
All those years of tiny raises are now wiped out as you ate now back on the same level as a new worker with no experience.
Biden campaigned ( in what little actual campaigning he did) on EVERY SINGLE JOB in the USA being a UNION JOB.
Which party benefits MOST from Union donations???
Globalism has destroyed American wage earning potential. We need wage inflation. I am for the $15/hr min. wage. Maybe in three of four 1 year incremental steps.
We need a higher min wage and higher import tariffs. As a taxpayer I am very much in favor of a higher min wage.
Politics and economics are the same thing. Many don’t realize that...
I was against the minimum wage until the globalists took over in the 90’s. I see the damage that both LEGAL and illegal immigration has done. Between that and offshoring Americans have zero wage leverage. I am very much in favor of a minimum wage increase.
If the min wage is increased to $15 then a hamburger will cost over $500 dollars, maybe more!!!!!
You, like everyone else, learned economics in a political vacuum which is stupid IMO.
To maintain the profit margin you have to increase the cost of your food which will affect the elderly who are now on fixed incomes.....
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