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European Politico-economics QA Mega-thread - Page 43

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Although this thread does not function under the same strict guidelines as the USPMT, it is still a general practice on TL to provide a source with an explanation on why it is relevant and what purpose it adds to the discussion. Failure to do so will result in a mod action.
IgnE
Profile Joined November 2010
United States7681 Posts
January 31 2015 06:40 GMT
#841
Honestly jonny it seems like you do this every time the topic is brought up. You overstate the evidence and argue that we don't know what will happen, and that any possible impact on employment would outweigh the possible benefits. You should just skip to the point and say that you will fight against raising the minimum wage until the evidence shows a clear positive benefit on employment because you don't care about raising the wages of those working in low-skill jobs just for the sake of bringing up their wage earnings.

http://www.cepr.net/documents/publications/min-wage-2013-02.pdf

The employment effect of the minimum wage is one of the most studied topics in all of economics.

This report examines the most recent wave of this research –roughly since 2000– to determine the best current estimates of the impact of increases in the minimum wage on the employment prospects of low-wage workers. The weight of that evidence points to little or no employment response to modest increases in the minimum wage.The report reviews evidence on eleven possible adjustments to minimum-wage increases that may help to explain why the measured employment effects are so consistently small. The strongest evidence suggests that the most important channels of adjustment are: reductions in labor turnover; improvements in organizational efficiency; reductions in wages of higher earners ("wage compression"); and small price increases. Given the relatively small cost to employers of modest increases in the minimum wage, these adjustment mechanisms appear to be more than sufficient to avoid employment losses, even for employers with a large share of low-wage workers.


http://www.irle.berkeley.edu/workingpapers/157-07.pdf

No adverse effects on employment when minimum wage is higher in neighboring counties/states.

http://www.economist.com/news/finance-and-economics/21567072-evidence-mounting-moderate-minimum-wages-can-do-more-good-harm

America’s academics still do not agree on the employment effects. But both sides have honed their methods and, in some ways, the gap between them has shrunk. Messrs Card and Krueger moved on to other work, but Arindrajit Dube at the University of Massachusetts-Amherst and Michael Reich of the University of California at Berkeley have generalised the case-study approach, comparing restaurant employment across all contiguous counties with different minimum-wage levels between 1990 and 2006. They found no adverse effects on employment from a higher minimum wage. They also argue that if research showed such effects, these mostly reflected other differences between American states and had nothing to do with the minimum wage.

Messrs Neumark and Wascher still demur. They have published stacks of studies (and a book) purporting to show that minimum wages hit jobs. In a forthcoming paper they defend their methods and argue that the evidence still favours their view. But even they are no longer blanket opponents. In a 2011 paper they pointed out that a higher minimum wage along with the Earned Income Tax Credit (which tops up income for poor workers in America) boosted both employment and earnings for single women with children (though it cost less-skilled, minority men jobs).

Britain’s experience offers another set of insights. The country’s national minimum wage was introduced at 46% of the median wage, slightly higher than America’s. A lower floor applied to young people. Both are adjusted annually on the advice of the Low Pay Commission. Before the law took effect, worries about potential damage to employment were widespread. Yet today the consensus is that Britain’s minimum wage has done little or no harm.

The most striking impact of Britain’s minimum wage has been on the spread of wages. Not only has it pushed up pay for the bottom 5% of workers, but it also seems to have boosted earnings further up the income scale—and thus reduced wage inequality. Wage gaps in the bottom half of Britain’s pay scale have shrunk sharply since the late 1990s. A new study by a trio of British labour-market economists (including one at the Low Pay Commission) attributes much of that contraction to the minimum wage. Wage inequality fell more for women (a higher proportion of whom are on the minimum wage) than for men and the effect was most pronounced in low-wage parts of Britain.


What I meant when I said "floor" was that the market wage for all positions near the minimum wage also gets raised. The whole pyramid is raised, not just the bottom level. That is clear in the British studies.
The unrealistic sound of these propositions is indicative, not of their utopian character, but of the strength of the forces which prevent their realization.
JonnyBNoHo
Profile Joined July 2011
United States6277 Posts
January 31 2015 07:03 GMT
#842
On January 31 2015 15:40 IgnE wrote:
Honestly jonny it seems like you do this every time the topic is brought up. You overstate the evidence and argue that we don't know what will happen, and that any possible impact on employment would outweigh the possible benefits. You should just skip to the point and say that you will fight against raising the minimum wage until the evidence shows a clear positive benefit on employment because you don't care about raising the wages of those working in low-skill jobs just for the sake of bringing up their wage earnings.

+ Show Spoiler +
http://www.cepr.net/documents/publications/min-wage-2013-02.pdf

The employment effect of the minimum wage is one of the most studied topics in all of economics.

This report examines the most recent wave of this research –roughly since 2000– to determine the best current estimates of the impact of increases in the minimum wage on the employment prospects of low-wage workers. The weight of that evidence points to little or no employment response to modest increases in the minimum wage.The report reviews evidence on eleven possible adjustments to minimum-wage increases that may help to explain why the measured employment effects are so consistently small. The strongest evidence suggests that the most important channels of adjustment are: reductions in labor turnover; improvements in organizational efficiency; reductions in wages of higher earners ("wage compression"); and small price increases. Given the relatively small cost to employers of modest increases in the minimum wage, these adjustment mechanisms appear to be more than sufficient to avoid employment losses, even for employers with a large share of low-wage workers.


http://www.irle.berkeley.edu/workingpapers/157-07.pdf

No adverse effects on employment when minimum wage is higher in neighboring counties/states.

http://www.economist.com/news/finance-and-economics/21567072-evidence-mounting-moderate-minimum-wages-can-do-more-good-harm

America’s academics still do not agree on the employment effects. But both sides have honed their methods and, in some ways, the gap between them has shrunk. Messrs Card and Krueger moved on to other work, but Arindrajit Dube at the University of Massachusetts-Amherst and Michael Reich of the University of California at Berkeley have generalised the case-study approach, comparing restaurant employment across all contiguous counties with different minimum-wage levels between 1990 and 2006. They found no adverse effects on employment from a higher minimum wage. They also argue that if research showed such effects, these mostly reflected other differences between American states and had nothing to do with the minimum wage.

Messrs Neumark and Wascher still demur. They have published stacks of studies (and a book) purporting to show that minimum wages hit jobs. In a forthcoming paper they defend their methods and argue that the evidence still favours their view. But even they are no longer blanket opponents. In a 2011 paper they pointed out that a higher minimum wage along with the Earned Income Tax Credit (which tops up income for poor workers in America) boosted both employment and earnings for single women with children (though it cost less-skilled, minority men jobs).

Britain’s experience offers another set of insights. The country’s national minimum wage was introduced at 46% of the median wage, slightly higher than America’s. A lower floor applied to young people. Both are adjusted annually on the advice of the Low Pay Commission. Before the law took effect, worries about potential damage to employment were widespread. Yet today the consensus is that Britain’s minimum wage has done little or no harm.

The most striking impact of Britain’s minimum wage has been on the spread of wages. Not only has it pushed up pay for the bottom 5% of workers, but it also seems to have boosted earnings further up the income scale—and thus reduced wage inequality. Wage gaps in the bottom half of Britain’s pay scale have shrunk sharply since the late 1990s. A new study by a trio of British labour-market economists (including one at the Low Pay Commission) attributes much of that contraction to the minimum wage. Wage inequality fell more for women (a higher proportion of whom are on the minimum wage) than for men and the effect was most pronounced in low-wage parts of Britain.


What I meant when I said "floor" was that the market wage for all positions near the minimum wage also gets raised. The whole pyramid is raised, not just the bottom level. That is clear in the British studies.

Hah! My position has not been that min wages should never be raised, nor has it been that the benefits never outpace the costs. What I've typically argued is:

- you shouldn't either ignore the costs or assume they don't exist

- consider alternatives that avoid the employment issue altogether (ex. ETIC)

- it is safer to raise min wages in a strong economy (when wages typically rise anyways) than in a weak economy

I've also said in the past that you can always say that while there may be some job losses, you think the benefits still outweigh the costs. I'm sitting at the closest thing there is to a consensus on the issue, really.
IgnE
Profile Joined November 2010
United States7681 Posts
January 31 2015 07:49 GMT
#843
Oh my bad jonny, you should start all your posts with "I support a modest raise in the minimum wage [. . .]" then.
The unrealistic sound of these propositions is indicative, not of their utopian character, but of the strength of the forces which prevent their realization.
zlefin
Profile Blog Joined October 2012
United States7689 Posts
January 31 2015 08:22 GMT
#844
A perennial problem in these forum arguments, keeping track of what people's original statements/claims are, and what are merely responses to others' claims as counterarguments.
Great read: http://shorensteincenter.org/news-coverage-2016-general-election/ great book on democracy: http://press.princeton.edu/titles/10671.html zlefin is grumpier due to long term illness. Ignoring some users.
JonnyBNoHo
Profile Joined July 2011
United States6277 Posts
January 31 2015 08:22 GMT
#845
On January 31 2015 16:49 IgnE wrote:
Oh my bad jonny, you should start all your posts with "I support a modest raise in the minimum wage [. . .]" then.

Why the hell would I do that? I don't always support a modest raise in the minimum wage. It depends on circumstances and the alternatives available. I spelled that out pretty clearly.
IgnE
Profile Joined November 2010
United States7681 Posts
January 31 2015 08:41 GMT
#846
Would you support a raise of the federal minimum wage to $9 right now?
The unrealistic sound of these propositions is indicative, not of their utopian character, but of the strength of the forces which prevent their realization.
JonnyBNoHo
Profile Joined July 2011
United States6277 Posts
January 31 2015 08:48 GMT
#847
On January 31 2015 17:41 IgnE wrote:
Would you support a raise of the federal minimum wage to $9 right now?

More of a US question so I'll reply in that thread.
A3th3r
Profile Blog Joined September 2014
United States319 Posts
Last Edited: 2015-02-22 06:23:49
February 04 2015 00:42 GMT
#848
H&M is the most successful European company I know of, economically speaking. They are situated in Sweden & have stores all over the world. Just bought some clothes from there a few days ago & they look great. I think that other firms, specifically those from Germany (besides BMW), could really learn a lesson from the H&M example.

[rest of post redacted due to threats]
stale trite schlub
Sub40APM
Profile Joined August 2010
6336 Posts
February 05 2015 01:39 GMT
#849
http://www.theguardian.com/politics/datablog/2015/feb/04/scotland-poll-shows-a-nation-on-the-verge-of-abandoning-labour

This says that Labour is finished in Scotland? And that a SNP-Labour coalition so far looks the most likely outcome? How is that even going to look? Cant imagine the SNP acting like the mindless poodles of the Liberal Democrats to the Torries.
Shiragaku
Profile Blog Joined April 2010
Hong Kong4308 Posts
February 05 2015 03:16 GMT
#850
Out of all the regions in the UK that was affected by the horror of New Labour a, Scotland without a doubt got the worst deal. New Labour has constantly disappointed their voting base with policies that seemed to contradict the working class and social democratic policies they promote by bringing liberal policies that would have horrified even Adam Smith. My observation about the SNP voters is that they are not voting out of nationalism, but rather out of a nostalgia for the social democracy that the Labour Party once promoted. And the disappointment of Nick Clegg certainly seems to be a huge factor to the SNP's growth.
Lucumo
Profile Joined January 2010
6850 Posts
February 05 2015 04:54 GMT
#851
On February 04 2015 09:42 A3th3r wrote:
H&M is the most successful European company I know of, economically speaking. They are situated in Sweden & have stores all over the world. Just bought some clothes from there a few days ago & they look great. I think that other firms, specifically those from GERMANY, could really learn a lesson from the H&M example.

What are you talking about? For example: Aldi in 2010 had already more than thrice the revenue of what H&M had in 2013. BASF in 2013 had more than four times the revenue while having 2.5 times the profit. And what about BMW, Volkswagen, etc? Must be fun, living under a rock.
WhiteDog
Profile Blog Joined November 2010
France8650 Posts
February 07 2015 15:36 GMT
#852
The most successful firm in europe is most likely a bank.... Which is not a success. Most big firms now also make money playing on the financial market and not from producing goods
"every time WhiteDog overuses the word "seriously" in a comment I can make an observation on his fragile emotional state." MoltkeWarding
zeo
Profile Joined October 2009
Serbia6282 Posts
February 07 2015 15:59 GMT
#853
On February 04 2015 09:42 A3th3r wrote:
H&M is the most successful European company I know of, economically speaking. They are situated in Sweden & have stores all over the world. Just bought some clothes from there a few days ago & they look great. I think that other firms, specifically those from GERMANY, could really learn a lesson from the H&M example.

I thought Zara was a bigger retail clothing company than H&M?
"If only Kircheis were here" - Everyone
Noizhende
Profile Joined January 2012
Austria328 Posts
February 07 2015 19:47 GMT
#854
there's actually a list on wikipedia:

http://en.wikipedia.org/wiki/List_of_largest_European_companies_by_revenue
Die neuen Tempel haben schon Risse - künftige Ruinen - einst wächst Gras auch über diese Stadt - über ihre letzte Schicht
Sent.
Profile Joined June 2012
Poland9178 Posts
February 07 2015 22:38 GMT
#855
I don't see IKEA on that list. Hard to believe it's not there
You're now breathing manually
RvB
Profile Blog Joined December 2010
Netherlands6204 Posts
February 08 2015 00:04 GMT
#856
http://www.forbes.com/global2000/list/

Forbes has the same company for Europe (RDS). To be fair though banks have a huge advantage in being the 'biggest' since they can get away with way more leverage.
oneofthem
Profile Blog Joined November 2005
Cayman Islands24199 Posts
February 08 2015 01:58 GMT
#857
looks like bnp paribas
We have fed the heart on fantasies, the heart's grown brutal from the fare, more substance in our enmities than in our love
WhiteDog
Profile Blog Joined November 2010
France8650 Posts
Last Edited: 2015-02-08 15:59:10
February 08 2015 12:50 GMT
#858
I m interested to see which part of total or BP revenu comes from their main productive activity, and which comes from any financial activity.
"every time WhiteDog overuses the word "seriously" in a comment I can make an observation on his fragile emotional state." MoltkeWarding
JonnyBNoHo
Profile Joined July 2011
United States6277 Posts
February 08 2015 19:15 GMT
#859
On February 08 2015 21:50 WhiteDog wrote:
I m interested to see which part of total or BP revenu comes from their main productive activity, and which comes from any financial activity.

Wot, this?

[image loading]
source
WhiteDog
Profile Blog Joined November 2010
France8650 Posts
Last Edited: 2015-02-08 19:37:49
February 08 2015 19:31 GMT
#860
Thanks.
I thought financial assets would be more than epsilon. Financiarisation has limits I guess.
"every time WhiteDog overuses the word "seriously" in a comment I can make an observation on his fragile emotional state." MoltkeWarding
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