The Altera Centauri collection has been brought up to date by Darsnan. It comprises every decent scenario he's been able to find anywhere on the web, going back over 20 years.
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I have survived my second annual thinning of the herd
You're narrowing the definition of "running against" in a way that doesn't apply to the topic. You're happy enough to compete* with an extremely limited subset of the world population. This is because you aren't actually competing against anyone who is in such dire straights that they would reduce your compensation to something not absurdly high if you won.
Of course he is. They walk past the building in hoardes every day, all his company needs to do is open the doors. They won't, because those people can only lose them money.
Just because they're not in the same room, it doesn't mean they're not competing.
No, I did not steal that from somebody on Something Awful.
To the degree that a minimum wage law actually does anything, it has to create some unemployment (unless you make fairly extreme assumptions about labor illiquidity or monopsony power).
I disagree with the absolutist nature of your statement. As long as it is still profitable to employ the worker to produce the product/service, it will continue to be done.
1. I believe you are misreading him: he prefers the race against people of equal level even to not having to race and getting the same pay.
2. His department is WAY over 135 average. You are probably well over a standard deviation short.
Depends which department. The "department" (floor as a whole might be around there). My department of 40ish people is well above that
The only argument you could make is that I was born with far better social skills than most in my group, however I wasn't always the charming and pleasant individual you know and love today...
I also work harder than about 70-75% of the people in my group, and deliberately choose to work on things that are less interesting but of higher value to others.
My point still stands though (and actually is stronger because of it). KH's race doesn't have any real risk involved, and also is one where the vast majority of people in this world lost simply by being born without the IQ to compete in it (among other things).
It doesn't have any real risk? of course it does. The difference between a good job and a bad job is a factor of three (easily).
Will these guys starve on the street because they lost their jobs? No, of course not. But they have lost significantly by this.
Same deal when the value of a worker is many times the bowl of rice they get in exchange for their work. For instance, here a worker gets P120/day generally. Between 3 workers (and their pay) and about $1k a hectare of land could realistically produce $40k worth of vegetables in 3-4 months. (Actually it's about twice that right now because of spikes in prices.) In such a situation, P120/day is a farce. Even factoring the cost for an agricultural expert for that time frame you could increase wages several times over and still it would be hugely profitable.
Wow, way to choose an example involving the one factor of production which is perfectly inelastic (unimproved land) and then basing general economic reasoning off of that. By the way, if it was so enormously profitable to farm in the phillippines, I would expect that the price of land would be enormous. If it's not, then you are leaving out something....
I disagree with the absolutist nature of your statement. As long as it is still profitable to employ the worker to produce the product/service, it will continue to be done.
Holy ****, how is it that you can possibly not understand your own statement?
THIS IS PRECISELY THE POINT. THE NUMBER OF PEOPLE THAT CAN BE PROFITABLY EMPLOYED AT 10$/HR IS LOWER THAN THE NUMBE OF PEOPLE THAT CAN BE PROFITABLY EMPLOYED AT 9$/HR
You are wrong in this assumption. I have one of the least impressive academic records of anybody in my group.
Both or just the first one?
Do you think this is due to science focusing more on communication skills the last 20-30 years or that finance has been better at acquiring talent the last 20-30 years?
JM
Jon Miller- I AM.CANADIAN
GENERATION 35: The first time you see this, copy it into your sig on any forum and add 1 to the generation. Social experiment.
The only argument you could make is that I was born with far better social skills than most in my group, however I wasn't always the charming and pleasant individual you know and love today...
Bwahahahaha
"Flutie was better than Kelly, Elway, Esiason and Cunningham." - Ben Kenobi
"I have nothing against Wilson, but he's nowhere near the same calibre of QB as Flutie. Flutie threw for 5k+ yards in the CFL." -Ben Kenobi
Holy ****, how is it that you can possibly not understand your own statement?
THIS IS PRECISELY THE POINT. THE NUMBER OF PEOPLE THAT CAN BE PROFITABLY EMPLOYED AT 10$/HR IS LOWER THAN THE NUMBE OF PEOPLE THAT CAN BE PROFITABLY EMPLOYED AT 9$/HR
i too would like to see some real evidence that a minimum wage destroys jobs. as yet, the people opposed to minimum wage laws have provided nothing.
in the UK a lot of people argued before the introduction of the minimum wage that it would destroy jobs. however after it was introduced, businesses found, unsurprisingly that they still needed people to do the jobs they were doing before its introduction and so adjusted their business models accordingly to cope with the minimum wage.
here is some actual evidence regarding the effect UK minimum wage laws on employment.
The Impact of the Introduction of the UK Minimum Wage on the Employment Probabilities of Low Wage Workers
This paper uses individual-level longitudinal data from three contrasting datasets (LFS, BHPS and NES) to estimate the impact of the introduction of the UK minimum wage (in April 1999) on the probability of subsequent employment among those whose wages would have had to be raised to comply with the new minimum. A difference-in-differences estimator is used based on position in the wage distribution.span style="mso-spacerun: yes"> The estimated effect is insignificantly different from zero for all four demographic groups considered. The evidence is consistent across the three datasets and is robust to an extensive range of modifications considered.
The treatment group is defined according to three different criteria. In the first
model firms are allocated to the treatment group according lying below an
2average wage threshold of £12,000 in the pre-NMW period. The second model
uses a threshold based on industry and region cell information from the Labour
Force Survey (LFS). Specifically, firms are allocated to the treatment group if
their relevant industry-region cell has more than 10% of workers paid below the
minimum wage in the year prior to its introduction. In the third model we
combined these criteria to define a “high impact” treatment group of low wage
firms in low pay industry-region cells.
The first and third models provide the clearest evidence of wage and profit
effects. In the first model the wages of the treatment group increased by 10.9%
compared to the control group while gross profit margins fell by 0.037 (or
approximately 9.3%). In the third model treatment group wages increased by
9.2% relative to the control group while gross profit margins fell by 0.049 (or
approximately 12.8%). Both the wage and profit effects were not significant in the
second model.
• If the NMW imposes higher wage costs on firms and they have no profits to
squeeze then some business exits could be expected (other things being equal).
However, our difference-in-difference models of firm entry and exit show
differential patterns across our treatment and control groups. While this may be
consistent with a redistribution of profits away from owners of capital to low
wage workers it must be noted that our analysis of entry and exit only covers short
run adjustments in industry structure.
Industry Prices
• For our producer price analysis we examine the relationship between price
changes and the proportion of sub-minimum wage workers across 240 industries.
While our price effect estimate is positive (0.034 or a 3.4% increase for the most
affected industry) it is not statistically significant.
Our analysis of retail prices in 3 catering industries (canteens, restaurants and
takeaways) does not indicate that prices in these industries were differentially
affected according to their exposure to the minimum wage. Surprisingly, the only
evidence of any price effect is found in the canteen industry where prices rose by
a modest 1% in April 1999.
"The Christian way has not been tried and found wanting, it has been found to be hard and left untried" - GK Chesterton.
"The most obvious predicition about the future is that it will be mostly like the past" - Alain de Botton
i too would like to see some real evidence that a minimum wage destroys jobs. as yet, the people opposed to minimum wage laws have provided nothing.
Correct. It was a couple of years back when I did some reading about this, and it is
true that there was no research back then that would demonstrate this beyond doubt
using statistics.
Yet, it is so obviously true and logical that I don't see why statistical proof is necessary.
If some guy can be profitably employed at $9 per hour and the minimum is $10, he will
not be employed because he would be losing his employer $1 per hour. Does this really
require proof?
I doubt it has much impact on profitable businesses. One dollar an hour, or two, is very, very little.
Well, when the minimum wage shot up from $5.15 to $7.15/hr, I can tell you right now that corporate was on our ass as managers to make sure labor costs did not go up even though employees were making ~40% more an hour gross.
However, there's been research done that indicates minimum wages don't appreciably increase unemployment.
"Flutie was better than Kelly, Elway, Esiason and Cunningham." - Ben Kenobi
"I have nothing against Wilson, but he's nowhere near the same calibre of QB as Flutie. Flutie threw for 5k+ yards in the CFL." -Ben Kenobi
Green: States with minimum wage rates higher than the Federal rate.
Blue: States and territories with minimum wage rates the same as the Federal rate.
Yellow: States with no minimum wage law.
It's outdated though. The red states should be blue now, I think.
As you can see, it's not just Texas. Most of America doesn't have state minimum wages higher than the federal.
Out of all the green states on that map, only California has a lower Youth Employment rate than Texas. Clearly, raising the minimum wage is a way, inefficient though it might be, of getting money out of corporate hoards and into the economy where it can actually do some good.
As a conservative I'm ideologically opposed to the idea of a minimum wage, and would rather restrict the supply of labor allowing employment,wages, and investment to grow naturally, but that doesn't seem to be an option. Therefore we should accept what clearly works, however suboptimally, at putting people to work.
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