Will minimum wage laws work here?

[frenchbriefs]

a few FT are needed, but not bringing whole village of fake FT

What to do.
Sinkie pwn Sinkie.
FT help FT.
Sinkie love to pwn fellow Sinkie.

But capitalism is pyramid shape.u need more slaves so the top can be richer
.....if sg only got 3.5 million pop,how can we afford to pay our liutenant colonels 13k a month,or MPs 15k a month or miniSTARS 2 million a year....those at the middle will also earn less...say a senior nurse with 17 year experience will earn 3k instead of 5k ,a 6k pmet will earn 4k but at least cost of living will be cheaper.

 

[Chromesthlesia]

No need.

The "minimum wage leads to greater unemployment" is taught in basic economics by the time a student reaches A Levels.


But when teaching economics, every single textbook opens with the warning "ceteris paribus" -- "all else kept unchanged".


Minimum wage if applied to some over-simplified, market-driven, capitalistic utopia with an uncaring government that doesn't place a safety net will definitely cause more unemployment. But which country is like that nowadays other than those losers and pariahs you see in the news?

Yes, true.

The opening chapter 1 - 3 A level textbook by Paul Krugman explained why minimum wages are not effective, and 70% of keynesian economists agree.

If you want to disagree, then have to read up more extensively and show graphs with calculations or examples in other countries to prove your conjecture.

 

[coolnhappy]

The pie is only so much, so in order for the elites to keep having the bigger slice, the poor cannot increase their share.

 

[spinning_quirK]

Yes, true.

The opening chapter 1 - 3 A level textbook by Paul Krugman explained why minimum wages are not effective, and 70% of keynesian economists agree.

If you want to disagree, then have to read up more extensively and show graphs with calculations or examples in other countries to prove your conjecture.

Why is it Keynesian economics?

Why is it not simply called "economics"?

 

[frenchbriefs]

No need.

The "minimum wage leads to greater unemployment" is taught in basic economics by the time a student reaches A Levels.


But when teaching economics, every single textbook opens with the warning "ceteris paribus" -- "all else kept unchanged".


Minimum wage if applied to some over-simplified, market-driven, capitalistic utopia with an uncaring government that doesn't place a safety net will definitely cause more unemployment. But which country is like that nowadays other than those losers and pariahs you see in the news?


Furthermore, does "minimum wage" mean you must die die apply only 1 universal number across all wage sectors? No, right?

Even if unemployment is higher by a few percent,it's not going to be massive unemployment,a safety net can be created for these people temporarily to help them get back on their feet.

But think of the alternative,would u rather have a few unemployed say 7% and everyone making 15 an HR min wage or 3% unemployment and everyone earning jackshyt?

 

[RoLanTo]

Use work fare is better to help the bottom compare to min wage.

Min wage will just lppl to make them (bottom) feels richer. In reality, things around them will get more expensive, and middle income ppl suffer more with lesser spending power. The top one not really affected

Sent from Xiaomi MI MIX 2S using GAGT

 

[frenchbriefs]

Why is it Keynesian economics?

Why is it not simply called "economics"?

We prefer Austrain economics.

 

[spinning_quirK]

is there a need to?

there is no perfect system anywhere in the world. Every system has pros and cons.

If you want to be number 1 in the world in wealth inequality (even among cities), then no, there is no need.

But if you want to hide in the middle of the bell curve or better still, at the other end, then yes, Singapore urgently needs reform in this area.

 

[Entry Level PC]

But capitalism is pyramid shape.u need more slaves so the top can be richer
.....if sg only got 3.5 million pop,how can we afford to pay our liutenant colonels 13k a month,or MPs 15k a month or miniSTARS 2 million a year....those at the middle will also earn less...say a senior nurse with 17 year experience will earn 3k instead of 5k ,a 6k pmet will earn 4k but at least cost of living will be cheaper.

Nothing to do Capitalism.
Sinkie don't help Sinkie and don't groom Sinkie.
Sinkie love to pwn Sinkie.
FT **** all help each other.

 

[spinning_quirK]

Yes, true.

The opening chapter 1 - 3 A level textbook by Paul Krugman explained why minimum wages are not effective, and 70% of keynesian economists agree.

If you want to disagree, then have to read up more extensively and show graphs with calculations or examples in other countries to prove your conjecture.

Not that this proves my views right or anything, but here goes:
https://qz.com/1034952/economists-still-cant-decide-whether-the-minimum-wage-is-a-good-thing/

https://www.oecd.org/g20/topics/fra...obs and living standards in G20 countries.pdf


I'm open to a lot of new ideas, but to say "fk minimum wage" and then do absolutely nothing else, is bollocks.

 

[Chromesthlesia]

Why is it Keynesian economics?

Why is it not simply called "economics"?

Because economics got many school of thoughts..


It's like the same as Christianity. Got catholic, got protestantants, 7th day jewist etc. Etc.

 

[Chromesthlesia]

Not that this proves my views right or anything, but here goes:
https://qz.com/1034952/economists-still-cant-decide-whether-the-minimum-wage-is-a-good-thing/

https://www.oecd.org/g20/topics/fra...obs and living standards in G20 countries.pdf


I'm open to a lot of new ideas, but to say "fk minimum wage" and then do absolutely nothing else, is bollocks.

Yeah, what I would say is to explore other means to see what has been published. Probably those would require extensive ideas that can shine a new light

Makes sense, I mean personally I find economists have a lot of theories, but sometimes despite their best intentions, things go south anyway.


I could be hidden by my own human biases to be against minimum wages, but if the experiment in the first link proves accurate, that could be a good idea too.

A lot of economic theories seems to be based on rather simplified baby situations that don't mimick the real situation with multiple wildly varying variables. It could work

 

[Entry Level PC]

Why is it Keynesian economics?

Why is it not simply called "economics"?

We prefer Austrain economics.

2x School
Keynesian = Everything can be charted and modeled with graph
Austrian = Nothing can be predicted, Everything is unpredictable, Free Market and Market Forces will adjust.

Of cos Austrian people came out with more nonsense paper theory.

WWE Kane online free Austrian Economics Lesson

Mayor Kane, potential future US President

 

[frenchbriefs]

I agree ubi would be great,not 1k per month,maybe $500 a month,it would really help those lower income and working class and even middle class.

And kids from poor lower income families won't have to suffer that much...say one breadwinner earn 2k plus 3 kids....4.5k total...cap ubi to three or less kids.

 

[jeffrey745]

In before " you want your mac to be $20 blah blah blah "

Sent from 草你马的 using GAGT

Ive been to countries that have min wage like UK and Taiwan.

In fact, their cost of living is comparable to sg.

For instance in uk, the cost of shopping for clothes and eating out in restaurants can be similar to sg...

What's rly driving up the cost of doing business in sg?

I'm sure there r business owners here who can ans this qns

 

[frenchbriefs]

Nothing to do Capitalism.
Sinkie don't help Sinkie and don't groom Sinkie.
Sinkie love to pwn Sinkie.
FT **** all help each other.

Money means somebody will always pwn others.

Even the so called losers and neutral ones.

Watch kaiji season 1 and 2.

 

[sanzhu]

Rich people dun wanna share

 

[Entry Level PC]

Money means somebody will always pwn others.

Even the so called losers and neutral ones.

Watch kaiji season 1 and 2.

Thanks for SIC.
Got time I got watch.

 

[Eatfullwaitdie]

Yes and proposed by dr chee but PAP refuse to consider.

 

[Swisspers]

[WOT] Min wage is not the solution

Competition amongst employees is usually cited as an argument against min wage.

1. A student who is having a vacation break is looking for a part time job to supplement his living expenses and gain work experience.
He is perfectly willing to accept less than the min wage because he knows he has no qualifications or experience.

2. A pregnant woman or an elderly is looking for work.
Because of their situation, these ppl are willing to accept wages less than min wage because they wish to be given less demanding chores.

3. If the min wage is set too low, there's no point in having a min wage.
Let's say the min wage is set at $6 per hour. Even if the ppl in the above examples were willing to accept $5 per hour, no company can hire these ppl due to min wage law.
This also applies to ex-convicts, ppl with disabilities etc

4. If the min wage is set too high, it becomes the max wage (for example $10 per hour).
Companies looking to hire a cleaner will only accept the most productive and hardworking person with good English, personality etc etc.
Anybody short of that will not be considered.

5. If the purpose of min wage is to ensure a min standard of living for everyone, it should not discriminate between sectors/industries like the current Progressive Wage Model. https://www.mom.gov.sg/employment-practices/progressive-wage-model/what-is-pwm
At the moment, the min wages are

• Cleaners - $1,236
• Security Officer - $1,250
• Landscape Worker - $1,450

6. Many low wage job positions are compensated by the corresponding work done instead of hourly/monthly rate. For example,

• delivery drivers paid according to number of successful deliveries
• promotors/sales people paid by % commission
• Odd jobs such as flier distributors etc

Companies who hire these ppl are flexible in terms of the time taken to complete the job. Hence they allow the employees to decide how much/how hard they wish to work. It is very difficult to set a min wage for such positions.
Likewise, there are employees who value such jobs because of the freedom.