PeakTrader.com

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PeakTrader:

The purpose of capitalism is achieving efficiency in production, not maximizing exploitation of workers.

Some people can actually help themselves and others too, like walking and chewing gum.

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Morganovich, capitalism is maximizing profits. However, you can maximize profits without exploiting workers, something you’ve proven you don’t understand.

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Paul, does that mean workers aren’t exploited?

I guess, you believe, some hard working people, who make too little aren’t really exploited.

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When I say “make too little,” they can’t afford the basics for their work. It may be a necessary, but poor, exchange.

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Morganovich, your simple beliefs destroyed opportunities, not created “liberty and freedom.”

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The last four or five businesses a friend started became successful.

Then he sold them.

I think, we need more people like that.

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Did you start factories in China over the past 10 years?

Also, I may add, I found it amazing another friend just through phone calls over a few days was able to make over a $70,000 profit selling Levis in Bosnia.

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Your comment doesn’t say anything about actually running a business.

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For those who don’t like exploitation, how about underpaid, while others are overpaid.

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Paul said: “If the workers are truly being exploited, then they are certainly free to skip on down the road and do something else. Speaking from experience, an a**hole boss is a great motivator to improve your situation.”

What if the “lousy” job you have pays $15 an hour and the “better” job “down the road” pays $10 an hour, although in five or 10 years you may make $20 an hour. Will you quit and not pay your bills?

Or, even worse, what if there wasn’t any job available, even with a $5.15 minimum wage, and you had to work for your “a**hole boss” or go on welfare.

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Of course, the data show when the real minimum wage was above $10 an hour, the unemployment rate was 3.5%.

Moreover, the teen labor force participation rate was rising when the real minimum wage was above $8 an hour, and didn’t begin to fall, until it fell below $8 an hour.

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Morganovich, I knew you’d say that again. I didn’t make that assumption.

The data reflect the economy has absorbed a higher minimum wage, which labor economic models revealed, and I explained based on economics.

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However, I will make the assumption the economy can better absorb a higher minimum wage today, than 45 years ago, since real income has doubled, while the real minimum wage is over 25% lower.

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http://www.aei-ideas.org/2013/08/bono-is-now-preeching-the-virtues-of-capitalism/#comments

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