Reddit reviews Myth and Measurement

On the economic side, there's a fair amount to choose from:

• What is money? - short debunking of Austrian assumptions on the nature and origin of money (this affects Marxist commodity money views too).
  
• Economic theory of the leisure class - Bukharin's classical polemic with marginalism and the Austrian school.
  
• Calculation, complexity and planning - reassessment of the socialist calculation debate and rebuttal of the Austrian position.
  
• Myth and Measurement: the new economics of the minimum wage - regarding the economic effects of the minimum wage, contrary to the marginalist value product theory.
  
• Production of commodities by means of commodities - Sraffa's proof by construction that homogeneous treatment of capital as well as marginal value product theory when applied to capital (in neoclassical and Austrian approaches alike) is logically untenable.
  
• There is no natural rate of interest - review by Sraffa against Mises' theory of money.
  
• Sen Paradox - libertarianism cannot be Pareto efficient on an unrestricted domain.
  
• The entrepreneurial state: debunking public vs private sector myths - on the state's role on R&D.
  
  
  There's more I could think of, but this should be a good start.
  Edited for format.
  

So, I usually don't talk in r/politics, but I thought I might help you out.

Only around 4 and a half million workers in the U.S. are directly affected by minimum wage laws, and out of those 4mil, around half are under the age of 25, and most of those are part-time employees. Importantly, this doesn't really vary that much between racial groups, between women, or between job field (although entertainment industries are the top).

What does that mean? It means that if you eliminated the minimum wage laws and let businesses set their own wages based on the need, you would affect at minimum, around 4.5 million people who are likely in school, living with parents, and not providing care for a family or paying off any loans.

What could it do? Well, businesses could employ more people for low-paying jobs. In literal terms, movie theatres could have the option of throwing hordes of 16yr olds at a dirty theatre to clean it faster. Gas stations might be able to afford pump service. The list can go on. Why does that matter? Well, because teenage work has been shown to increase the wage that they can earn over their lifetime and reduce stress.

Hmm, how would I research this further? Well, thats a good question. You can actually look at some numbers like the Bureau of Labor Statistics provides for minimum wage and make decisions for yourself. You could also trust reporting like The New York Times, Forbes, or the Center for American Progress. Finally, you can read some books by researchers and experts in their fields, like Myth and Measurement, or Minimum Wages.

Be aware that the links above are not one-sided, there is still a lot of discussion going on, and the links show that. However, the statements I personally made are my conclusions from researching this topic. I hope it all helps.

> No it hasn't. Show me this alleged proof.

Here's an entire book that proves it.

Other studies

Here's the data from the department of labour - let me quote it for you:

>Myth: Increasing the minimum wage will cause people to lose their jobs.

>Not true: In a letter to President Obama and congressional leaders urging a minimum wage increase, more than 600 economists, including 7 Nobel Prize winners wrote, "In recent years there have been important developments in the academic literature on the effect of increases in the minimum wage on employment, with the weight of evidence now showing that increases in the minimum wage have had little or no negative effect on the employment of minimum-wage workers, even during times of weakness in the labor market. Research suggests that a minimum-wage increase could have a small stimulative effect on the economy as low-wage workers spend their additional earnings, raising demand and job growth, and providing some help on the jobs front."

Seriously, you're embarrassing yourself. Your silly ideology has nothing to do with reality.

Sure, Here's a book on the topic as well
http://www.amazon.com/Myth-Measurement-David-Card/dp/0691048231


and an interview with the author that discusses his findings

http://economistsview.typepad.com/economistsview/2006/12/an_interview_wi.html

Hi bad talking point, I'm Mr. Facts and Studies please take the time to get to know me, and understand why what you said about minimum wage is wrong!

Department of Education doesn't fail at everything, and the recent changes in its budgets will make it a lot better, at around 70 billion, its not a huge waste of money nationally speaking because it does succeed at some things.