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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: neolib who wrote (52018)	3/5/2008 11:49:02 PM
From: TimF	Respond to of 543323

Yet you have claimed that you think economic understanding is on a par or better than climate science. I claimed nothing of the sort. I claimed that one specific claim of economics is on par or better with one specific claim of climate science. (specifically trade being beneficial being on par or better than AGW) Regarding minimum wage, your answer is once again general hand waving. "Too high" or "too low" needs to be resolved in detail. Not to establish the general principle, and establishing the general principle (and other such similar principles) are important because some people don't know about, ignore, or disagree with them causing all sorts of economic problems. More over you don't have to know precisely what is too high or too low for a minimum wage, you can simply not have one, or have a low one, and you can be fairly sure you won't have one so high as to cause a lot of problems. Or even if you aren't set on no minimum or a very low one, you can realize that raising it might cause problems, so you can be very careful about how high or how fast you raise it. But if you don't establish/believe in the general principle, well than full speed ahead, lets make the national minimum wage $25/hour, then you get all sorts of trouble. FWIW, the only issue I see with modest inflation/deflation is one of expectation. Deflation is associated with recessions often severe ones. so I guess the Fed, while worrying about actual inflation, can't claim to have anchored expectations on low inflation anymore. Its hard to do that while pushing an easy money policy...