Progressives are economic retards

[Drake Tungsten]

It's an embarrassment to universities.

To be fair, it's much less embarrassing than filosofy or the other humanities.

The presence of American companies is not in a vacuum. Their presence and their dominance impacts the formation of the developing economy.

Only an economic ****** would believe that the presence of American companies in a third-world country magically dries up all the great jobs that would exist there otherwise.

I also don't see the logic in saying "minimum wage laws increase unemployment".

Of course you don't, Sloww. No one would ever expect you to understand such a basic concept.

[Asher]

The simple problem here, and it's reflected by the numbers, is that essentially statements with a Libertarian bent are issued and then the farther someone is from being a Libertarian, the more "incorrect" they are.

And I do consider myself a bit of a Libertarian, but even I can see this. This is because I wasn't dumb enough to study economics in school aside from Macro and Microeconomics 101 courses for the easy credits.

[Asher]

Only an economic ****** would believe that the presence of American companies in a third-world country magically dries up all the great jobs that would exist there otherwise.

Only an economic ****** would not understand the concept of momentum with specialized economies.

Once certain skillsets are developed in a region, more companies move in that meet that skillset. That encourages more people to train in that skillset, which encourages more companies that utilize that skillset.

This is basic economics and business theory.

[Drake Tungsten]

This is because I wasn't dumb enough to study economics in school aside from Macro and Microeconomics 101 courses for the easy credits.

If you really took introductory classes in Macro and Micro, then you should have no problem figuring out the correct answer to every one of the questions used in the study.

Only an economic ****** would not understand the concept of momentum with specialized economies.

I'm pretty sure such a concept doesn't actually exist.

[SlowwHand]

I also don't see the logic in saying "minimum wage laws increase unemployment".

Of course you don't, Sloww. No one would ever expect you to understand such a basic concept.

Instead of being so arrogant without reason, why don't you explain it? I don't expect you to factually explain it, but explain your point of view.

[Asher]

This is because I wasn't dumb enough to study economics in school aside from Macro and Microeconomics 101 courses for the easy credits.

If you really took introductory classes in Macro and Micro, then you should have no problem figuring out the correct answer to every one of the questions used in the study.

I would have no problem at all selecting the "correct" and "incorrect" answers from the perspective of a libertarian economist, which is how I did so well in economics.

The problem is the real world is a far messier place.

The problem with economics is this: the people who study economics obviously do not understand economics. People who understand economics take degrees that are in high demand.

[ramseya]

Hey Asher... I only have a minor in Econ (majored in Finance so there's that) and I can tell you right now that had you taken any courses beyond introductory ones (Econometrics for one), you would see that economics is far more than 'rules of thumb'. It is a scientific process more compellingly scientific than the other social sciences (which may not be saying much )

But your opinions that you intuitively understand on many of these issues would only be further re-inforced. The effect of an increase in minimum wage or the application of a sales tax or anything else can result in vastly different outcomes depending on a number of conditions and variables, not too mention the fact that the outcome can be appraised with different sets of standards (is 'economic efficiency' the important value? Human social betterment? What do these terms mean?, etc.)

[Kuciwalker]

I'm assuming the troll here is many of these are subjective statements with "correct/incorrect" interpretations by some apparently even-more-ignorant journal?

There's nothing subjective about "minimum wage laws create unemployment". It's objective, empirically verifiable fact - or, alternately, it's wrong, and that's also empirically verifiable and objective.

[ramseya]

Drake, I am curious as to your educational background in economics? Bachelors? Graduate degree?

[Asher]

I'm pretty sure such a concept doesn't actually exist.

It might not to economists, but it does in the real world.

Examples: Southern Ontario's manufacturing industry; Alberta's oil & gas industry.

Specifically with regards to Alberta, almost all Oil & Gas "white collar" jobs are in Calgary....far from where the actual oil & gas work is being done. And why is that? It's because there's a huge collection of people there with specialized skillsets pertaining to oil & gas management/business because there were originally a couple American headquarters there. The talent pool grew, spinoffs happened, and suddenly it's an epicentre for that segment of the economy even though it'd make much more sense to put such a place in Edmonton. But Calgary had the momentum.

Another example: Silicon Valley in California. A couple big tech companies, and suddenly it's a pretty specialized economy revolving around the tech sector. It's the dominant industry there.

[Drake Tungsten]

Instead of being so arrogant without reason, why don't you explain it?

OK. Read this...

http://en.wikipedia.org/wiki/Minimum_wage#Economics_of_the_minimum_wage

You might need to read this first to get up to speed, however...

http://en.wikipedia.org/wiki/Supply_and_demand

[Asher]

There's nothing subjective about "minimum wage laws create unemployment". It's objective, empirically verifiable fact - or, alternately, it's wrong, and that's also empirically verifiable and objective.

I didn't say all of the statements were, I said many of them were subjective.

[ramseya]

There's nothing subjective about "minimum wage laws create unemployment". It's objective, empirically verifiable fact - or, alternately, it's wrong, and that's also empirically verifiable and objective.

Where? At what time? Are you saying that the imposition of a minimum wage law in NYC in 2010 will have the same measurable effects as the imposition of a minimum wage law in Mumbai in 1927?

And there's always the old financial disclaimer... past performance does not predict future returns. This is ultimately a policy decision with future implications. The decision is made and the benefits/consequences are felt later. It's more than mere scientific appraisal of past events.

[SlowwHand]

I don't have to read it. What Asher pointed out, and I agree, is that some jobs will go elsewhere, like Mexico. That's a narrow view of it, and not entirely true.

[Drake Tungsten]

Drake, I am curious as to your educational background in economics? Bachelors? Graduate degree?

I have a history degree from the University of British Columbia.


I've also worked in business, having designed the website for a health food store.