Brexit and the waning days of the United Kingdom

[Zoupa]

Yi, do you believe in minimum wage and worker protection laws in general?

I oppose minimum wages.  Some worker protections I support because of information asymmetry.

I think you were born in the wrong century. Robber barons era would have fit your style more. You already have the muttonchops.

[Admiral Yi]

I think you were born in the wrong century. Robber barons era would have fit your style more. You already have the muttonchops.

What is the purpose of this unending stream of meaningless Occupy Wall Street slogans directed at me?  Do you expect that with a couple more, or maybe the right ones, the scales will fall from my eyes and I will see the light?  Maybe you think there are some posters who are unsure of where you stand and you hope to inform them? 

[crazy canuck]

Earth to Yi, minimum wage laws predate the Occupy Movement by a number of decades.

[HVC]

Yi, do you believe in minimum wage and worker protection laws in general?

I oppose minimum wages.  Some worker protections I support because of information asymmetry.

What is your opposition to minimum wage based on?

[Grey Fox]

I don't know how to react to this. Uber management is cheating out of their money both sides of the labor equation that sometimes I think it is nothing more than a very elaborate money laundering endeavour.

Don't understand what "cheating out of their money both sides of the labor equation" means.

They under pay their drivers & other staff. Apparently don't give benefits either. They also don't turn any profits quarter after quarter. And yet, there is always another venture capitalist ready to invest.

The lot of them should be lined up, tar & feathered.

[Admiral Yi]

What is your opposition to minimum wage based on?

The fact that some workers have lower skills and therefore a marginal revenue product lower than the minimum wage.  They get priced out of the labor market.

[Admiral Yi]

They under pay their drivers & other staff. Apparently don't give benefits either. They also don't turn any profits quarter after quarter. And yet, there is always another venture capitalist ready to invest.

The lot of them should be lined up, tar & feathered.

Shouldn't investing in a company that is not yet profitable or not be a decision left up to investors?

[HVC]

What is your opposition to minimum wage based on?

The fact that some workers have lower skills and therefore a marginal revenue product lower than the minimum wage.  They get priced out of the labor market.

Supposing that's true, that theoretical product still has to be produced and thus a worker is required and they would stay in the labour pool.  Wouldn't a minimum wage guarantee a livable wage for the worker? The alternative is a working class below subsistence  (or a portion thereof).

[Admiral Yi]

Supposing that's true, that theoretical product still has to be produced and thus a worker is required and they would stay in the labour pool.  Wouldn't a minimum wage guarantee a livable wage for the worker? The alternative is a working class below subsistence  (or a portion thereof).

The product does not have to be produced.  Firms reduce output all the time.

[HVC]

But there's a demand for the product. Why would the firm overproduce at a lower wage? If you're reducing production then you're over demand to begin with, regardless of the wage, are you not?


Your alternative is that people work at below a level that provides them a living wage. As a society don't you think we as a group should work to alleviate that situation?  One can argue what the minimum wage should be, I think, but a minimum wage is a good thing.

[Sheilbh]

Your alternative is that people work at below a level that provides them a living wage. As a society don't you think we as a group should work to alleviate that situation?  One can argue what the minimum wage should be, I think, but a minimum wage is a good thing.

And I think if a wage is too low it actually encourages people to drop out of the labour market.

It is one of the big mysteries that the US has gone from far higher employment rate than the UK, Germany, Japan to one that is lower and even female participation in the US is now below Japan and it was very significantly the other way around. It's all happened since the financial crisis and I don't know what the issue is - but I do wonder if the lack of an incentive from a decent wage is part of it.

[Admiral Yi]

But there's a demand for the product. Why would the firm overproduce at a lower wage? If you're reducing production then you're over demand to begin with, regardless of the wage, are you not?


Your alternative is that people work at below a level that provides them a living wage. As a society don't you think we as a group should work to alleviate that situation?  One can argue what the minimum wage should be, I think, but a minimum wage is a good thing.

There's demand for the product with, in almost all cases, negative price elasticity.  If you raise your product prices less of them will be sold.

My alternative is that people acquire skills (the most easy to acquire being punctuality and dependability) so that their marginal revenue product increases.  I've also said before that having children is something you should pick up the tab for yourself.  If you're  broke ass working the late night drive through, don't go and have six kids.

[Grey Fox]

They under pay their drivers & other staff. Apparently don't give benefits either. They also don't turn any profits quarter after quarter. And yet, there is always another venture capitalist ready to invest.

The lot of them should be lined up, tar & feathered.

Shouldn't investing in a company that is not yet profitable or not be a decision left up to investors?

Yes. So now the question is why do they keep doing it?

[Admiral Yi]

Yes. So now the question is why do they keep doing it?

Expectation of future profitability.

[Grey Fox]

Yes. So now the question is why do they keep doing it?

Expectation of future profitability.

They don't pay their drivers & there is no profitability. Where will it come from?