PeakTrader.com

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PeakTrader said...

Some data may not accurately represent an economy.

Half of workers could earn $50,000 to produce $20,000 of real value to make income look high (e.g. in Europe).

Or, for every $50,000 of additional output, there could be $40,000 of additional social costs to make output growth look high (e.g. in China).

Or a country could be near full employment, while workers spend much of their time pretending to look like they're working (e.g. in Japan).

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PeakTrader said...

I think, it was "Myth and Measurement: The new economics of the minimum wage" by Card-Krueger that responded to the criticism.

Of course, some people refuse to work for fast-food restaurants, and other minimum wage jobs, unless wages are higher.

It's interesting a labor economist was picked, which seems to reflect Obama is desperate to bring down the unemployment rate.

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How can you sell $1 burgers and make a profit, unless you pay your workers slave wages?

As long as they don't drive customers away, why hire better workers at better wages?

When they don't show up for work, you won't have to worry about giving them a raise.

There's a surplus of disposible unskilled labor willing to work for slave wages at least for a while.