Minimum Wage | Mark Thornton

Recorded at the Mises Institute in Auburn, Alabama, on 16 July 2019.
Mises University is the world's leading instructional program in the Austrian school of economics. Mises.org/MU19

[@danielforbes9167]

Great presentation Mark. Full of common sense which unfortunately modern society has lost...

[@robertd9850]

I watched the exact thing he is talking about happen with one of my clients in DC that I do the accounting and bookkeeping for. DC has been raising its minimum wage every year for the past several years by as much as a dollar a year. The client used to employee 23, now its 15.

[@billmelater6470]

Minimum wage implies that there is a standard minimum amount of wealth. It's illogical on the face of it.

[@kennethosenbaugh7640]

Krugman is a clown, but still consistently touted as the econ expert by MSM

[@IronMaidenDoD]

I dont really watch mainstream media specifically because they spread false narrative of "government good, corporations bad"

[@greeneyes7392]

Brilliant

[@diwasneupane282]

EXCELLENT!!!

[@generalsalami8875]

Inflation outpaces wage because of relative stickiness. If we allowed natural deflation, then they'd naturally appreciate in value.

[@gatovillano7009]

at 27.24. racism might not be the only factor at play. The work attitude of the individual; the fatherlessnest in the community; the criminality in the community and gang culture might explain the difference of employment between black and white

[@blaedus5318]

I would love to know what the unemployment rate for Asians was. Cause for some reason, Asians are often left out when comparing minorities to White people to show discrimination. It's almost as if Asians are deliberately ignored because Asians have better outcomes than even White people, completely contradicting racism/discrimination narrative.

[@pylianpbappe8898]

I don’t think he means discrimination as in racial discrimination

[@ihateyankees3655]

My brother says Mark Thornton sounds like a libertarian Bill Nye

[@ramons8908]

The only complaint I'ed have about this video would be the focus on "minority" teens. The left loves this stuff, that doesn't mean we need to too. The numbers show that they aren't much worse off than the average. I'ed like to see the numbers for white working class teens compared to "minority teens", my bet would be on them being worse, as the average includes all classes, not just working class. Why can't we just say, unemployment is bad, minimum wages have negative effects on the employment of teens coming form a working class background and "discrimination" is mostly a creation of the left used to ostracise white working class men.

[@lowersaxon]

Has he ever heard of monopsony in labor markets? No, hasn‘t. Has he ever heard of a backward bending labor supply curve? No, hasn‘t. What he h a s in mind is the „pure market economy“. All Austrians fell in love with 19. century.

[@jack.1.]

But the minimum wage is indiscriminate and the vast majority of people on an artificially high minimum wages are not employed by monopsonies so how is your point relevant?

[@austinbyrd4164]

@@jack.1. not to mention monopsony power is a self correcting issue in the vast majority of cases. More bargaining power brings more people who want a piece of that power.

[@generalsalami8875]

Inflation is the main cause of this power. It outpaces wages because of relative stickiness. If we allowed natural deflation then they'd appreciate over time. Instead of getting raises every rare moon to catch up with the cost of living, you'd actually have (numerical) wage cuts as they'd appreciate faster than your productivity.

[@vcalv9354]

I think it's important to include the median age of minorites.... African americans have a pretty high proportion of ppl between 16-24 so of course you're gonna see a higher disparity there. Age is the bigger factor not really race. Don't get me twisted I'm not an advocate of min wage though.

[@Zanimater]

What is the LFP in those no-minimum wage countries? Hmmm misleading not to include it. Of course, if the wage is higher more people will be willing to work

[@billmelater6470]

"Of course, if the wage is higher more people will be willing to work" Well sure, but this puts the cart before the horse.

[@buckeyezak89]

Unfortunately, as the wage is increased by forced arbitration by the State then that forces many facets of business to spike their prices as well. In the meantime, most of these businesses, especially small business, also begin cutting costs by reducing labor. As the minimum wage goes up, the labor force within the market decreases and the standard of living rises. What do you get from there? An overpriced, decaying society of impoverished misery with an overbearing State once more barging in, expanding the welfare.

[@buckeyezak89]

Austrian school > Keynesian bullshit

[@alfrednewman292]

Ah, the college professor teaching what they seem incapable of doing. It reflects in the talk.

[@austinbyrd4164]

Nonargument

[@alfrednewman292]

@@austinbyrd4164 Ignorant response!

[@austinbyrd4164]

@@alfrednewman292 nonargument number 2

[@01Tanthallas]

“Wage rate determined by true marginal product of labor”....and there’s no need to listen to anything else this guy says

[@soulfuzz368]

Steve M chapo trap house... there’s no reason to listen to anything else you say either

[@billmelater6470]

Steve, would you mind telling us how wages are determined then?

[@robe_p3857]

@@billmelater6470 Wage is what's left after the landlord wakes from his nap and plunders from people that actually create goods and services. Georgism can help with your question.

[@billmelater6470]

@@robe_p3857 Hate to break it to you, but landlords don't pay wages. Landlords also don't plunder anyone. No one is forced into a rental agreement. I know you think you sound edgy, but really it's just childish. The people who create goods and services are entrepreneurs that actually do pay wages when there is sufficient profit and need to do so. It's then at that point that you'd likely complain about that too.

[@robe_p3857]

@@billmelater6470 U obviously dont know what wage is. Its a buying power. Pay more for rent/housing, your wage just decreased.

[@lowersaxon]

These Austrians love to tell the easiest almost trivial things of Mainstream Economics for two hours. But they normally abhorr formulas and graphs. Because they „don’t believe in mathematics“.But they claim to be more accurate than MS. 😂 Nevertheless NonEconomists then might think : wow, how clever these Austrians are! And only at the end of the day they come out with their genuin Austrian nonscientific dogmas and beliefs. Its always the same and its a mess. Imagine that the intrduction of an economy wide min wage in Ger in 2015 absolutely did no harm. How come?

[@soulfuzz368]

Thomas Huth my opinion is that you indeed do know the reasons that there was no harm done in Germany but are being needlessly derisive

[@billmelater6470]

And yet every attempt to make graphs and formulas to predict and pull the levers of the economy keep failing. If such modeling worked, so could Socialism.

[@patriciomalbran140]

sorry mate you just dont understand economics

[@austinbyrd4164]

Minimum wage is easy to get around through volunteer unpaid hours in conjunction with paid hours. That's why you see little to nothing happen when the minimum's implemented. You don't see an increase of actual wages either. That or you see the negative effects mentioned in the video. Also, you don't know the definition of dogma. What you're espousing fits the qualifiers.

[@sheepwshotguns42]

until we implement a UBI we need a livable wage guarantee. $15 an hour today, not in 2025. we also need a maximum wage so that elites cant use their concentrated wealth to affect political policy (obviously no corporate money in politics to go with that). then we need companies to redistribute all profits to workers in the form of a bonus, rainy day fund, or to the communities, instead of having ceo's divvy it up like a hyst. do this and we can provide dignity in work without exploitation at the bottom and without excess at the top. this could actually save our economic system, but getting the rich to forfeit a penny is like asking them to tear off their own leg. if your business cant afford to treat your workers like human beings it probably shouldn't exist. we can have incentives for small companies that provide a key community service, but that should be rare.

[@microesfera100]

there are a lot incorrect in your comments, the correct minimum wage is $0.0 when you put the minimum wage a maximum, the person stop working and do not think in their future, no more socialism please

[@123duelist]

+Ron Walsh , if you want a $15 minimum wage, it makes me think you do not understand economics. The managers who run the businesses aren't the richest people and you do not understand what you take away from a business with a $15 wage. With a $15 minimum wage, it more than likely means costs will be harder to pay business managers, who own the business. A business manager takes risks for the business, spends time on the business, pays exorbitant costs for the business and for all this, if the business fails, a business manager/entrepreneur takes the most damage and what happens to workers? They can find another place to work. This is why a minimum wage is stupid.

[@microesfera100]

UBI is a failure, it doesn't work, filand and many other countries try and all fail, Austrias say it will not work because, the price sistem and the market, can not work well, imagine, you want to study poetry, and the market want ingeneer, soon will be more singers actors and many pleasent jobs that the market need,

[@ALFTUBE50]

$15 duhh why not $5764 not bad that random number...

[@sheepwshotguns42]

@gold-and-black-anarchy you're right, i forgot to add that that minimum wage should be tied to inflation so we dont have to wait for political elites to eventually get forced to raise it appropriately once a decade.