From Forbes about the raise in minimum wage..it's sick in its brutal truth

[Demonaut]

"Human labor really is an economic good like pretty much all of the others."

http://www.forbes.com/sites/timworstall/2015/03/16/we-are-seeing-the-effects-of-seattles-15-an-hour-minimum-wage/


" Which is, what is the effect of raising the minimum wage on unemployment? Freed from the impacts of everything else happening in the economy? And there the standard answer is that it will raise unemployment and no, no one has managed to come up with a convincing case against this standard wisdom."

this is wrong in so many ways

[panader0]

1. From Abraham Lincoln:

"Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration." Lincoln's First Annual Message to Congress, December 3, 1861.

[Demonaut]

2. wow, we've moved so far away from that wisdom.

[socialist_n_TN]

3. That's capitalism for ya.......

Any wonder why I'm a Bolshevik?

[lumberjack_jeff]

4. A commodity? Perhaps, but when the price of pork bellies go up, pigs don't spend their windfall...

... and thus increase economic activity.

It's up to Forbes to prove the opposite. We've had plenty of opportunities to study the effect of an increasing minimum wage. Not once have they caused recession.

[Marr]

5. From the perspective of a corporate leech with no national loyalty, yes.

Considered from a macro perspective, wages aren't just another commodity. Other goods don't actively spend money. Wages paid to an employee go straight back into the economy.

[SidDithers]

6. That's not from Forbes...

it's a blog written by some guy named Tim Worstall, hosted on the Forbes "sites" server. His bio:

Tim Worstall
I have opinions about economics, finance and public policy. Full Bio «
I'm a Fellow at the Adam Smith Institute in London, a writer here and there on this and that and strangely, one of the global experts on the metal scandium, one of the rare earths. An odd thing to be but someone does have to be such and in this flavour of our universe I am. I have written for The Times, Daily Telegraph, Express, Independent, City AM, Wall Street Journal, Philadelphia Inquirer and online for the ASI, IEA, Social Affairs Unit, Spectator, The Guardian, The Register and Techcentralstation. I've also ghosted pieces for several UK politicians in many of the UK papers, including the Daily Sport.

Literally anyone can have a blog at Forbes site.

Sid

[Sunlei]

7. comeon Congress $15 Federal minimum wage. Do the right thing, its your job.