Should economics become a compulsory course in public school?

[Tecumsehsbones]

Using that same logic, nobody should ever get a raise, because it will automatically be cancelled by inflation.

Accurate but unimaginative. Extending the logic in a fun way would be claiming that if we reduce the wage to 10 cents per hour, gasoline will magically cost a penny a litre.

 

[White_Unifier]

You think that rises in the minimum wage are always exactly cancelled out by inflation?

OK, that's not even stupid. It's just so counterfactual that it's delusional.

There is a way to raise the minimum wage without inflation, but then that prices a person out of the market. There is a way to raise teh minimum age without pricing a person out of the market, but that involves raising inflation to counter it. Usually, we end up with a compromise between the two.

Using that same logic, nobody should ever get a raise, because it will automatically be cancelled by inflation.

A shortage of supply of people with a particular skill relative to demand will naturally force those who want that skill to raise the offering to attract those workers. That's different from raising the minimum wage on people on whom an employer is not willing to pay that much. See the difference?

Looking at it that way, it would make more sense for the government to send the low-paid back to school so as to increase their value to an employer.

Accurate but unimaginative. Extending the logic in a fun way would be claiming that if we reduce the wage to 10 cents per hour, gasoline will magically cost a penny a litre.

Wrong, because gas is usually at a relatively fixed quantity relative to demand.

Sorry, I'm wrong. It would mean people would have less money to buy gas, so demand would decline, consequently the price would need to adjust a bit at least.

 

[Bar Sinister]

Using that same logic, nobody should ever get a raise, because it will automatically be cancelled by inflation.

Precisely. Using the logic of those opposed to higher wages for the average worker it would be better if everyone took a wage cut. But I don't see any of the moguls lining up to do that.

 

[JLM]

Precisely. Using the logic of those opposed to higher wages for the average worker it would be better if everyone took a wage cut. But I don't see any of the moguls lining up to do that.

Intelligent people try to get the job changed, not the wage. That often happens through continued concerted effort and more learning.

 

[Danbones]

I have a family member with a degree in economics from Western.
She KNOWS so little about the subject now that I am amazed it took 4 years to get it..honestly

She had to go get a degree in "woman's studies" basically to get a government job.

"perpetual economic growth" 'an all....

 

[JLM]

Meanwhile, vote to raise the minimum wage in the belief that that will help you to save more while not understanding a thing about inflation and the fact that you could end up voting yourself out of a job if you're an unskilled worker.

15 minutes after you get a raise you know full well certain costs are going up for sure...................rent being one of them! C.R.A. is another.

You think that rises in the minimum wage are always exactly cancelled out by inflation?

.

Obviously, NOT exactly, but generally on average. One person getting a raise isn't going spur inflation.