Rand Paul, You Failed Econ 101. Supply, Demand and the Minimum Wage

[Rudeman]

If $10/hr is good then $1,000/hr better. What's wrong with $1,000/hr? Don't you care about the poor? We need income equality. Those greedy capitalists!

It's only fair that everyone becomes a millionaire. Or maybe it should be $1,000,000/hr then we can all become billionaires. In your face the 1%!

 

[SilentBull]

Holy crap, this is probably one of the stupidest attacks ever. An ignorant fool that guy is.

 

[Anti Federalist]

It's only fair that everyone becomes a millionaire. Or maybe it should be $1,000,000/hr then we can all become billionaires. In your face the 1%!

Pikers.

I don't want to work that many hours.

$1,000,000,000 per hour.

 

[gwax23]

LMAO....I always knew that Lefties were failures at microeconomics. Thank you, HuffPo for proving it.

..and macro

As to Rand, he simply worded it badly.

 

[anaconda]

In a perfectly competitive market you cannot raise or lower prices. You simply settle for the market price and produce as much as you can until hiring additional labor or capital becomes less profitable. And these workers that are subsidized by the government are not worth their wage PLUS the subsidy, but rather their wage NET of the subsidy. If they were worth what the writer is saying, there would be no need for the subsidy.

 

[cjm]

As to Rand, he simply worded it badly.

Yes. If the quotation in the article is accurate, Rand's wording left the door open to some "interpretation."

Instead of talking about supply and demand (which I'm comfortable with, but loses some people), I have been saying, "raising the minimum wage is a friendly way of saying they want to outlaw all jobs that pay less than a certain amount." I'm not sure if this is getting through to folks any better. I've only recently tried this phrasing and I think it will take time to measure its effectiveness.

 

[matt0611]

Even Paul Krugman's econ 101 textbook admits that minimum wage increases unemployment.

It's econ 101.

You increase the price of labor and you will get less. ALL ELSE BEING EQUAL (which the blithering idiots at Puff Post have failed to grasp)

Puff Po fails at econ 101, not Rand. But we already knew this.

 

[FriedChicken]

Yes. If the quotation in the article is accurate, Rand's wording left the door open to some "interpretation."

Instead of talking about supply and demand (which I'm comfortable with, but loses some people), I have been saying, "raising the minimum wage is a friendly way of saying they want to outlaw all jobs that pay less than a certain amount." I'm not sure if this is getting through to folks any better. I've only recently tried this phrasing and I think it will take time to measure its effectiveness.

Thats an interesting way to put. I'm curious what reactions you'll get.

 

[Brian4Liberty]

Time to give it back to him...

 

[Danan]

As the prices of housing increased, supply increased, we got more houses.

The difference between the shift of a supply function and the movement along a supply function is probably the first thing you learn in introductory micro.

 

[Cabal]

Wait, this guy was being for serious? Surely this is meant to be a joke, right? Like, maybe he's trying to impress someone at the Onion to get a job?

The amount of absolute drivel spewed in that article is offensive and appalling.

 

[dillo]

price has no effect on supply or demand, just quantity.

 

[devil21]

Time for a Rand Paul Media Spin subforum yet????

 

[anaconda]

The difference between the shift of a supply function and the movement along a supply function is probably the first thing you learn in introductory micro.

^This.

 

[LibertyEagle]

Time for a Rand Paul Media Spin subforum yet????

No, please. That just encourages people to bring every negative article and obscure blog over here and post it. All it does is raise visibility of the hit pieces in Google and provides a nice, handy spot for lazy reporters to come visit to get all kinds of negative information about the candidates we claim to support.

 

[anaconda]

The difference between the shift of a supply function and the movement along a supply function is probably the first thing you learn in introductory micro.

It is amazing how often one sees comments in blogs like "demand is greater than supply" and such.