How do I into economics?

Quote from: Verbatim on June 25, 2015, 09:55:20 PM

it'll involve distribution of wealth

and the word "ought"

Sounds like you're asking me what I think the distribution of wealth ought to be. I'm going to talk about the distribution of income/consumption, however, simply because it's easier.

Basically, the distribution of income earned from labour should broadly be what the market dictates it ought to be. When W=MPL, it's a productive system. That isn't to say the labour market is perfect; it's far from perfect, you need a whole different paradigm when you're talking about labour compared to pretty much any other microeconomic market. Since earned income at the bottom rungs of society can sometimes be inadequate to finance some basic level of consumption, and since there's usually a significant lag between people going from unemployment to employment (you really need some kind of supply/match model, instead of a supply/demand model, for the labour market), then the minimum wage ought to be abolished and anybody earning zero income should be given a guaranteed minimum income by the government.

Whereas people earning something below an appropriate benchmark would be given a subsidy of some level of the difference between their wage and the benchmark; essentially a wage "top up".

I've got to say, this is the first time I've seen anybody say "the minimum wage ought to be abolished" without making me cringe.

Quote from: Verbatim on June 25, 2015, 09:15:45 PM

While I'm thinking about it, I should also say that the minimum wage is a pretty woeful anti-poverty strategy. A lot of MW earners are teens in relatively affluent households, and it obviously discriminates in favour of people who can actually get a job. The benefit of a basic income/wage subsidies is that it specifically targets the people who need assistance.

I know you aren't necessarily saying this and I think you have a decent point regardless, but I'd just like to make sure you're aware that dependent teenagers are a minority of minimum wage workers by a significant margin, and affluent dependents by an even larger one.

Question: Do you think George Orwell was a capitalist?

monetary or fiscal policy?

Always monetary.

Although technically the printing of money and the distribution of said money to citizens would count as fiscal policy, although it incurs no debts or revenue shortfalls.

Do you think George Orwell was a capitalist?

No.

Opinion on Tim Hunt?

People getting pissed off over nothing.