First, you failed Econ 101 - All other things equal, an increase in price causes a reduction in the amount demanded, not the relationship between price and quantity demanded (I.e. demand). An increase in price is a movement along the demand curve, not a movement in the demand curve.
Marx did no such thing.
What about products that reduce the labor required to make other products? Is the labor to produce those products on another order, or is it just the product that is on another level?All is labor is very relevant because you can't increase labor's share--it's already 100%.
Yabut ...
The opposite is equally true - in the long run the cost of stuff is the entire cost of production. Any labor is just paying people to assemble stuff into value-added forms of stuff or move stuff to new, more useful locations where value can be added.
Just a matter of perspective. I don't see the real world utility of either paradigm, but I'm frankly terrible with money.
Are there other commodities whose price is also an exact measure of the demand they create in the economy?
Two issues:
I simplified it a bit but you're not rebutting me.
His theories only work in a static world. His world can't cope with new technology and can't cope with population increase. It's not even going to fare too well with things wearing out.
Those products require labor to make.What about products that reduce the labor required to make other products? Is the labor to produce those products on another order, or is it just the product that is on another level?All is labor is very relevant because you can't increase labor's share--it's already 100%.
Yabut ...
The opposite is equally true - in the long run the cost of stuff is the entire cost of production. Any labor is just paying people to assemble stuff into value-added forms of stuff or move stuff to new, more useful locations where value can be added.
Just a matter of perspective. I don't see the real world utility of either paradigm, but I'm frankly terrible with money.
The path being long and torturous does not mean the money doesn't follow it even if you can't trace an individual buck.
No, there is no end. Economies are continuums (continuae?), not goal seeking entities. Products evolve, as you have surely noticed, and much of that evolution manifests as products that obviate human labor in the process of production. Even once humans are no longer needed to perform a particular production function, it will continue to evolve and get better faster cheaper over time. There is nothing like equilibrium in the production of stuff, and virtually none in its use or consumption.
Repetition of ignorance is neither a rebuttal or a justification of the ignorance.
While I am not a Marxist and a discussion of Marx is a derail, you clearly are unfamiliar with Marx’s economic views because you are mistaken.
McDonalds March Quarter net profit margin was 30.56%.
Who is demanding and who is supplying?
This is the
Mudsill theory - "the proposition that there must be, and always has been, a lower class or underclass for the upper classes and the rest of society to rest upon. The term derives from a mudsill, the lowest threshold that supports the foundation for a building." James Henry Hammond - slave-plantation owner and slavery apologist. However,Objecting that the Confederate government made him feel enslaved.
Billy: are you assuming that most restaurants have this kind of net margin?
Strikes me as concern trolling, the sort of argument that its advocates would dismiss as "woke" just about anywhere else.Where did I say anything about wanting a lower minimum wage based on race?! I'm simply pointing to the people that are the biggest victims--showing that it's not just a minor harm. The issue is actually the inner cities, not race, it's just the inner cities are mostly black so that's where the biggest effect falls.What you're missing is that minimum wage is about chopping off the bottom runs of the ladder of success. Make sure those at the bottom have no way out. The Republicans are frequently (and quite correctly) accused of this but the left also comes up with ways because the only true route they have to raise wages is to reduce the labor pool.It was instituted to keep blacks out of most jobs. Very easy to find on Google:
The Racist History of Minimum Wage Laws | Mises Institute
Historically, minimum wage laws have done a lot to stifle employment among African-Americans. The trend continues today.mises.org
Just look at the unemployment rate for teens in the inner city, it's still doing it's job of keeping the black man down.
Offering lower wages to blacks is racist and even more effective at keeping the black man down.
You posted an apologetic for allowing lower wages based on race and now you're saying I'm missing something? Here's what you're missing. Don't post your racist crap at me and expect I won't call you on your racism.
Don't be a racist.
And then I won't call you out on it.
Hairy: No.
