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Comments on: December labour market data: Yuck! http://www.tvhe.co.nz/2009/02/02/december-labour-market-data-yuck/ The Visible Hand in Economics Thu, 05 Feb 2009 03:58:39 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: Matt Nolan http://www.tvhe.co.nz/2009/02/02/december-labour-market-data-yuck/#comment-12971 Thu, 05 Feb 2009 03:58:39 +0000 http://www.tvhe.co.nz/?p=2789#comment-12971 “But the system we have at the moment assures that the average wage rises more slowly than inflation, resulting in a net cut most years”

Huh? That isn’t what the data says at all – the average wage has constantly been running far in excess of inflation as the labour market has been tight.

“The minimum wage cannot come down, it is a political impossibility”

We could just print heaps of money and cause inflation – that always knocks down the real value of things 😉

]]> By: Matt Nolan http://www.tvhe.co.nz/2009/02/02/december-labour-market-data-yuck/#comment-12970 Thu, 05 Feb 2009 03:56:51 +0000 http://www.tvhe.co.nz/?p=2789#comment-12970 “Why aren’t they considering lowering it?!”

It depends on our view of what the labour market looks like – and where we think the minimum wage is relative to it. If the minimum wage was “too low” then there could still be a case to increase it.

http://www.tvhe.co.nz/2007/12/17/higher-minimum-wage-higher-employment/

However, if it was “just right” then the reduction in labour demand would imply that the minimum wage is too high now – indicating that it is constraining employment and should be cut.

]]> By: Chris Heath Really Makes Money Working At Home ***PROOF*** | Ruckus Reviews http://www.tvhe.co.nz/2009/02/02/december-labour-market-data-yuck/#comment-12463 Mon, 02 Feb 2009 19:51:23 +0000 http://www.tvhe.co.nz/?p=2789#comment-12463 […] December labour market data: Yuck! | TVHE […]

]]> By: Kimble http://www.tvhe.co.nz/2009/02/02/december-labour-market-data-yuck/#comment-12368 Mon, 02 Feb 2009 07:17:05 +0000 http://www.tvhe.co.nz/?p=2789#comment-12368 The minimum wage cannot come down, it is a political impossibility. Just another feather in Labour’s “screw the nation so we get a few good headlines” cap.

]]> By: moz http://www.tvhe.co.nz/2009/02/02/december-labour-market-data-yuck/#comment-12333 Mon, 02 Feb 2009 02:39:14 +0000 http://www.tvhe.co.nz/?p=2789#comment-12333 I’d be happy to see the minimum wage lowered, provided I had some assurance that it would go up again for the same reasons as it’s going down. It would in some ways be nice to have the minimum wage track average company profits or average share dividends, for instance. But the system we have at the moment assures that the average wage rises more slowly than inflation, resulting in a net cut most years. So to say “why can’t we cut the minimum wage” is to misunderstand the situation.

The most amusing thing would be to set the minimum wage at a fixed ratio to the CEO salaries of the top 100. Then I think we might see a gawd-awful bout of dung-flinging between CEO’s who want their personal salary to rise while every other CEO’s salary falls…

]]> By: goonix http://www.tvhe.co.nz/2009/02/02/december-labour-market-data-yuck/#comment-12316 Mon, 02 Feb 2009 01:00:09 +0000 http://www.tvhe.co.nz/?p=2789#comment-12316 “Cabinet will discuss in coming weeks whether or not to raise the minimum wage.”

Why aren’t they considering lowering it?!

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