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An article in Australian newspaper The Age describes a paper just released by the Reserve Bank of Australia which has found that periodic increases in the Minimum Wage (also known as the "Award" wage in Australia) did not negatively affect the level of employment in each respective industry:
The paper, published by the central bank's economic research department on the final day the Fair Work Commission hearings had to decide if 2.3 million Australians will get a pay rise in July, found "no evidence that small, incremental increases in award wages had an adverse effect on hours worked or the job destruction rate".
It used a sample of 32,000 jobs between 1998 and 2008, when award wages were increased by a flat dollar amount each year, to find jobs with larger award wage rises had larger increases in hours worked than jobs experiencing a smaller award wage rise.
"I am able to rule out adverse effects on hours worked. I also find that award wage increases do not have a statistically significant effect on the job destruction rate," said researcher James Bishop.
"If anything, the point estimates suggest that the job destruction rate actually declines when the award wage is increased."
[...] The RBA paper said their results may not "necessarily generalise to large, unanticipated changes in award wages", cautioned it only included adult positions, and that the consequences of wage increases may "be borne by job seekers, rather than job holders".
"There will always be some point at which a minimum wage adjustment will begin to reduce employment," the paper stated.
Naturally, this is proving problematic for some politicians who have been advocating against increases in the minimum wage due to fears that this will harm business.
Link to Abstract and Paper (pdf).
(Score: 4, Insightful) by jmorris on Friday May 18 2018, @06:26AM (5 children)
Well then don't do it. You do you. The question at hand is who chooses? Or more important, who claims the right to choose for you and on what basis. Seems the only rational basis for somebody making decisions for another is an implied presumption that they who decide are superior to you who are being forced to accept their preference. I reject that premise, even though I also reject Democracy btw. But if you don't at least own you to the point you can agree or not agree to work for a wage (or other compensation) you and a willing buyer of your labor agree to then you can't really say you own you. Whoever is deciding owns you. And by your agreement you are assenting to their ownership of you, which again is OK if that is what you need to do to be you... and it is OK with your owner. But if you or anybody else asserts a claim of owning me I kinda get these primal violent urges. Because that is me being me, not wanting to be somebody's bitch.
(Score: 5, Informative) by c0lo on Friday May 18 2018, @06:46AM (3 children)
The reality of the cost of life in a country and the moral values chosen by the people in the country that country.
If the work does not pay enough for the replenishing of the energy resources you spend by doing it (by eating, resting, recreation, etc), you are going to die sooner or later. The people of the country may choose to not want to live in such a society, so they are shaping the society to their liking.
Yes, they'll each sacrifice something in return for their choice, but it is still their choice
You don't like it, you move from there, not force what you like on them.
Rational enough for you?
https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
(Score: 2) by qzm on Friday May 18 2018, @08:10AM (1 child)
Do you know that what you just said is 'nobody who does not maintain my chosen level of lifestyle has any value' right?
That's a pretty damn bad way to view others you know
(Score: 2) by c0lo on Friday May 18 2018, @08:15AM
Rephrase, please. It may be only that's Friday evening, or it may be that I'm denser than you'd expect no matter when, but I'm failing to understand: "nobody who does not maintain my chosen level of lifestyle has any value".
Too many negations for me to follow, you see?
https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
(Score: 1) by khallow on Friday May 18 2018, @12:24PM
"IF". It does in low cost-of-living areas. But minimum wage is one-size-fits-all. Funny how that works.
(Score: 1, Insightful) by Anonymous Coward on Friday May 18 2018, @06:18PM
We get it ok!??! You want to run your own little company town and play Lord Fucktard all day. Sadly for you the rest of us figured out we can create laws and force you to play nice. Your irritation at "claim of owning me" is very amusing, and your naivety about how minimum wage decreases people "owning" people is pretty fucking clear.
Irony levels at 999% cap'n!