In response to:

Barack Obama and the Teachable Wage

Doug5049 Wrote: Feb 17, 2013 2:02 PM
If minimum wage increases reduce poverty, why don't Haiti and Bangla Desh eliminate all of their poverty by just raising their minimum wages?
Paulus Textor Wrote: Feb 17, 2013 4:13 PM
Yes indeed. Zimbabwe recently tried to make everyone wealthy by printing pieces of paper with big numbers on them. They were worth exactly what you would expect. You can now buy trillion-dollar Zimbabwe notes on the internet, as a curiosity.
Doug5049 Wrote: Feb 17, 2013 7:15 PM
I have a Zimbabwean 100 million dollar bill. I paid $2 for it on eBay. When I teach my students about powers of 10, I put it under the doc cam and show it to them. I then take the opportunity to tell them why such bills were printed.

February 17, 2013

The U.S. President wants to up the national minimum wage to $9 per hour. How daring.

Such pushes to increase the legal minimum wage often succeed. There’s no mystery why. Most folks’ wages are not directly affected; we work for far more than that minimum. So it’s about other people. One consequence of this is that we don’t think very carefully about the logic of the regulation.

Which is why so many of us simply bow to social pressure, thinking that opposition to raising the minimum wage is “uncaring.”...

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