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Study: Increasing minimum wage does not reduce jobs
(www.publicnewsservice.org)
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this post was submitted on 18 Sep 2024
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Economic models keep most numbers fixed to simplify their math. They call it ceteris paribus.
So when economists claim that increasing wages will reduce the amount of jobs, they came to that conclusion by keeping corporate profits fixed while doing their math. So any business expense is paid for by reducing workers or wages.
In the real world corporate profits are not fixed and have grown faster than wages for decades.
Keep that in mind if an economist ever tries to claim increasing wages will reduce the quantity of jobs.
Right. The problem is, CEOs maintain that as “responsibility to their shareholders” to ensure their Q4 earnings reports prove continuous growth. So prices will inevitably increase, or overhead will be reduced to maintain those margins.
The price of progress is oppression, and the outcome of progress is that those who oppress get to enrich their own descendants so they can continue to oppress.
The price of progress is not oppression as oppression is the opposite of progress.
You are confusing corporate profit with progress.