| Re: conservatives/libertarians position on the minimum wage might charitably be termed 18th century |
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Group: sci.econ · Group Profile
Author: Les CargillLes Cargill Date: Oct 18, 2006 17:18
> On Wed, 18 Oct 2006 22:46:35 GMT, Les Cargill cfl.rr.com>
> wrote:>>
>
>>>And since wages are not the only component of prices they will not go
>>>up as much.
>>
>>It has nothing to do with this as a component of prices. It has to do
>>with the fact that more people have more money to chase
>>goods with. The demand is the same, so price adjusts.
>
>
>
> Or manufacturers will decide to capture the increased demand by
> producing more.
That's always possible. It's always possible that a relatively
different new equilibrium will be reached, too.
It's just not likely. Te central tendaency will very
much be the previous equilibrium, with a new set of
price points. It's not like 7-11 cannot project accurately
the effect of the change...
> You seem intent on only working your favorite variable
> at a time.
>
Emphasis on "favorite" - in the horse race sense ( most likely ).
> ________________
> "You never need an argument against the use of violence, you need an
> argument for it." Noam Chomsky
--
Les Cargill
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