California to raise minimum wage to $10hr | Page 5 | TigerDroppings.com
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Tim
LSU Fan
Texas
Member since Jan 2005
6356 posts

re: California to raise minimum wage to $10hr

quote:

Its also just plain bad for the economy for people to horde cash. Cash is supposed to be something that you hold onto temporarily, between your income and either goods, services, or investments.


Don't worry, I'm sure at the pace we are going there will soon be a government policy in place that tells us we can only have "X" amount of liquid cash in the bank.

Life is much better when the government tells us how to live.


SpidermanTUba
LSU Fan
NAWLINS
Member since May 2004
32277 posts

re: California to raise minimum wage to $10hr
quote:

Now I know not a damn thing about economics or any such things, but I understand that chart.


Its a toy model that presumes all jobs pay the same wage.


SpidermanTUba
LSU Fan
NAWLINS
Member since May 2004
32277 posts

re: California to raise minimum wage to $10hr
quote:


If nobody saves, banks will have no capital to back loans and there will be a credit freeze.


Loaning money isn't hoarding cash. I'm talking about stuffing it under the mattress and completely removing it from the economy. When you loan money, you get paid interest, and in most cases that more than makes up for inflation.





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LSURussian
LSU Fan
Member since Feb 2005
85147 posts

re: California to raise minimum wage to $10hr
quote:

that presumes all jobs pay the same wage.
No, it doesn't.

See the pay scale on the left had side? It is not fixed.

Ignorance on display, as usual....


SpidermanTUba
LSU Fan
NAWLINS
Member since May 2004
32277 posts

re: California to raise minimum wage to $10hr
quote:



Don't worry, I'm sure at the pace we are going there will soon be a government policy in place that tells us we can only have "X" amount of liquid cash in the bank.

Life is much better when the government tells us how to live.



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jcole4lsu
Virginia Fan
The Kwisatz Haderach
Member since Nov 2007
27733 posts

re: California to raise minimum wage to $10hr
is this the thread where tuba pretends to understand economics? yay


SpidermanTUba
LSU Fan
NAWLINS
Member since May 2004
32277 posts

re: California to raise minimum wage to $10hr
quote:

No, it doesn't.

See the pay scale on the left had side? It is not fixed.

Ignorance on display, as usual....




See the point where supply and demand meet? There's only one of them. That's one wage.


The jobs are assumed to be all jobs of identical worth, so they can easily be represented by the axis of an x-y graph.


SpidermanTUba
LSU Fan
NAWLINS
Member since May 2004
32277 posts

re: California to raise minimum wage to $10hr
quote:

is this the thread where tuba pretends to understand economics? yay



I believe this is the thread where toy economic models rule over reality. The supply and demand curves in the plot are straight lines! Come on man, that's hardly realistic.
This post was edited on 9/13 at 9:40 am


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LSURussian
LSU Fan
Member since Feb 2005
85147 posts

re: California to raise minimum wage to $10hr
quote:

See the point where supply and demand meet? There's only one of them. That's one wage.
OMG!!!


BBONDS25
LSU Fan
Member since Mar 2008
17970 posts

re: California to raise minimum wage to $10hr
doing work!


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jcole4lsu
Virginia Fan
The Kwisatz Haderach
Member since Nov 2007
27733 posts

re: California to raise minimum wage to $10hr
these threads are so much fun


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NC_Tigah
LSU Fan
Member since Sep 2003
57895 posts

re: California to raise minimum wage to $10hr
quote:

Its a toy model that presumes all jobs pay the same wage.


Image: http://www.edgewortheconomics.com/files/images/experts/minimumwage2.JPG


SpidermanTUba
LSU Fan
NAWLINS
Member since May 2004
32277 posts

re: California to raise minimum wage to $10hr
quote:

OMG!!!


Maybe you can give the class some real world examples of supply or demand curves that are straight linear lines? Is that what they teach in econ 101?


NC_Tigah
LSU Fan
Member since Sep 2003
57895 posts

re: California to raise minimum wage to $10hr
quote:

See the point where supply and demand meet? There's only one of them. That's one wage.


jcole4lsu
Virginia Fan
The Kwisatz Haderach
Member since Nov 2007
27733 posts

re: California to raise minimum wage to $10hr
so the question really is, is he trolling or does he really believe he understands economics?


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LSURussian
LSU Fan
Member since Feb 2005
85147 posts

re: California to raise minimum wage to $10hr
quote:

Maybe you can give the class
The class already understands the purpose of the graph. You don't. And you've proven to be unteachable.


SpidermanTUba
LSU Fan
NAWLINS
Member since May 2004
32277 posts

re: California to raise minimum wage to $10hr
Image: http://www.edgewortheconomics.com/files/images/experts/minimumwage2.JPG


If this is such a great model, you econ 101 folks should be able to predict what the gap will be between jobs wanted and jobs available in California after the wage hike.


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SpidermanTUba
LSU Fan
NAWLINS
Member since May 2004
32277 posts

re: California to raise minimum wage to $10hr
quote:

The class already understands the purpose of the graph.

The purpose of any graph in economics is to fool people into thinking economics is a real science.


LSURussian
LSU Fan
Member since Feb 2005
85147 posts

re: California to raise minimum wage to $10hr
As opposed the your "understanding" of economics?





NC_Tigah
LSU Fan
Member since Sep 2003
57895 posts

re: California to raise minimum wage to $10hr
quote:

Maybe you can give the class some real world examples of supply or demand curves that are straight linear lines?
Did you notice absence of X or Y units on the graph?
Apparently not.

Can you please give real world examples for which the graph's supply and demand plots would not apply?


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