In response to:

Poll: 71 Percent Support Raising the Minimum Wage

Crossed the Rubicon Wrote: Mar 09, 2013 11:06 AM
And 71% of Americans are now found to have no basic understanding of economics.
PhdisReality Wrote: Mar 09, 2013 11:16 AM
"The argument that minimum wages decrease employment is based on a simple supply and demand model of the labor market. A number of economists (for example Pierangelo Garegnani,[23] Robert L. Vienneau,[24] and Arrigo Opocher & Ian Steedman[25]), building on the work of Piero Sraffa, argue that that model, even given all its assumptions, is logically incoherent. Michael Anyadike-Danes and Wyne Godley [26] argue, based on simulation results, that little of the empirical work done with the textbook model constitutes a potentially falsifying test, and, consequently, empirical evidence hardly exists for that model. Graham White [27] argues, partially on the basis of Sraffianism, that the policy of increased labor market flexibility, including the
PhdisReality Wrote: Mar 09, 2013 11:16 AM
Gary Fields, Professor of Labor Economics and Economics at Cornell University, argues that the standard "textbook model" for the minimum wage is "ambiguous", and that the standard theoretical arguments incorrectly measure only a one-sector market. Fields says a two-sector market, where "the self-employed, service workers, and farm workers are typically excluded from minimum-wage coverage… [and with] one sector with minimum-wage coverage and the other without it [and possible mobility between the two]," is the basis for better analysis. Through this model, Fields shows the typical theoretical argument to be ambiguous and says "the predictions derived from the textbook model definitely do not carry over to the two-sector case. Therefore, sinc
D G Wrote: Mar 09, 2013 11:52 AM
Your professors don't know what they are talking about.
firetoice Wrote: Mar 09, 2013 11:11 AM
That percentage will likely increase as the percentage of high school graduates who can't read increases. That percentage is already at 80% in NYC.

Serious question: How on earth could anyone oppose a policy that would effectively give low-skilled workers (workers who barely make enough money to feed themselves, let alone a family), higher wages? After all, we live in difficult economic times, and it doesn’t seem wholly unreasonable that individuals working in low-skilled jobs should be entitled to a minimum, universally agreed upon standard of living. And indeed, as you might expect, this isn’t by any means an unpopular idea: According to a recent Gallup poll, almost all the Democrats -- and precisely half the Republicans -- surveyed would vote “for” a proposal...