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View Diary: Missouri Republican Senate candidates don't know what the minimum wage is, but wouldn't raise it (69 comments)

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  •  no, it isn't a problem. (1+ / 0-)
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    happymisanthropy

    again, econ. 101. if employers are hiring to meet demand, they also want to retain those currently in their employ. they will do this by raising the pay of those currently earning what becomes the new minimum wage. it is far cheaper to retain trained employees, than it is to hire and train new people.

    these are fundamental facts of economics. i suggest all of you go read a basic economics textbook, before making any more ignorance based comments.

    •  You have never run a business. (0+ / 0-)

      Why would I raise a guy's wages, if he has already shown that he will work for a low wage?

      The only thing that would make me raise wages would be if he threatened to quit.

      This is unlikely.If he threatens to quit, he takes a huge risk because if I fire him he loses all income, plus the firm-specific knowledge he has spent time building.

      This is part of game theory which you will learn when you take "Econ 201".

      In the meantime, I will give you a handy tip on how to tell which parts of Econ 101 are Bullsh-t. If the graph has no numbers on the axis, it is Bullsh-t.

      Now, armed with that knowledge, go learn about the Real World Works...

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