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No one has ever been able to live on minimum wage without scrimping, and nowadays without taxpayer funded welfare. Even with that, you'll be impoverished if your trying to get by on minimum wage. We were close to being able to get by on the minimum in the mid 1960s when the minimum in constant...

In truth raising the minimum is either inconsequential, good, or bad depending on where you raise it to and how fast you raise it. Most of the discussion I've seen on ET ignores these factors. There is practically no one making minimum, as Nitro's chart shows. It was about 3 million in 2014...

I am in southern Mississippi. How much I envy you! What I wouldn't give to be in Calgary right now! I recall when I was working at Los Alamos, 8000 ft, and the temperature climbed to over 80 deg one day, and it was the apocalypse. And there is no humidity. The New Orleans Jazzfest finished up...

Thank you for turning up that unbiased and beautifully simple analysis where nothing changes except the wages of your minimum wage workers and your profitability. :rolleyes:

He did not argue it in the 2007 paper. Perhaps in the 2010 paper,but I doubt it. Miskolczi's approach wouldn't require that he argue that, so why would he?

I am here posting the link to Rerenc M. Miskolczi's ground breaking paper published in Hungary in in early 2007. it is http://owww.met.hu/idojaras/IDOJARAS_vol111_No1_01.pdf And a more accessible critique by Ken Gregory...

Shadow stats is John Williams subscription sight. His numbers come from a simple adjustment to the government figure. He doesn't actually go back and recompute the inflation rate using the old method. The validity of the adjustment he makes has been questioned. He has offered a defense of it...

The important thing is the spread between what Treasuries are yielding and the inflation rate. If you use the official Fed inflation rate than that spread today is more less a normal spread, i.e. bond yield just keeps you a little ahead of inflation. But the place where the cheating my come in...

None of this is surprising. These studies are both looking at the same small effect. Its the characteristics of politically active groups v. the general population. People who are politically active are slightly better informed, wealthier, etc., than the general population which is heavily...

This may be more information than you wanted. I have been at various periods in my long life, among other things here omitted, a newspaper delivery boy, a self-employed yard maintenance boy, manager of a retail photographic supply store, employee of Western Electric, employee of the University...

I agree.

That's the way you would define it for accounting purposes. You must be an accountant.

Don't forget. There is no such thing as a "free market". It only exists in economic models, virtually never on any substantial scale in the real world.

You have to agree on how you will define "true cost" and that will depend on the purpose of the calculation in the first place. For example, if your purpose is to explore economic distortions in the labor market, you would define "true cost" in a way that allows you to identify these distortions.

That right, by definition it has nothing to do with value, which I don't think you defined in any case. Please understand that all of the costs that go into computing the true cost of labor are all minimum costs. And setting these minimums is somewhat a matter of opinion, but not as much as you...

The true cost of minimum wage labor is the cost of housing, clothing, feeding, insuring, transporting and providing dental and medical care for a minimum wage laborer. It can be computed in various ways, so it is somewhat a matter of opinion regarding the best way to compute it. One method...

Let me just point out something that is very important, and it is the reason we need federal minimums set, and not go State by State. When the minimum is adjusted it can create havoc if it's not adjusted uniformly everywhere in the economy so that relative imbalances are not created. However...

Yes, that's right . I am a very big fan of Sanders.

thank you Jem. I wish I had the originals.

"loving"? I've clearly lost my mind. Or else I should enroll in that typing course.