Searching for Accurate Maps

We're all pilgrims on the same journey – but some pilgrims have better road maps – Nelson DeMille

Posts Tagged minimum wage

Minimum wage increases to shrink / National average rise estimated at 6, yen down from 15 yen in fiscal 2010 : Business : DAILY YOMIURI ONLINE The Daily Yomiuri

Jul 27

Posted by sheffner in economic and political philosophy | Comments off

A step in the right direction, but is it for the right reasons?

A government advisory panel on Tuesday decided increases in hourly minimum wages this fiscal year should range from 1 yen to 18 yen depending on the prefecture.Under the proposal, the rise in fiscal 2011 would stand at a national average of 6 yen, a significant drop from 15 yen the previous fiscal year, according to a Health, Labor and Welfare Ministry estimate.The subcommittee of the Central Minimum Wages Council, an advisory panel to the labor minister, concluded that it would be difficult to greatly increase minimum wages because a number of companies, especially in eastern Japan, have been seriously affected by the March 11 disaster, which has been compounded by restrictions placed on electricity usage this summer.If wages are raised within the panel’s proposed range, the national average hourly minimum wage is estimated at 736 yen.

via Minimum wage increases to shrink / National average rise estimated at 6, yen down from 15 yen in fiscal 2010 : Business : DAILY YOMIURI ONLINE The Daily Yomiuri.

This quote suggests that it is accepted that minimum wage laws damage companies’ profits and hinder their competitiveness:

The subcommittee of the Central Minimum Wages Council, an advisory panel to the labor minister, concluded that it would be difficult to greatly increase minimum wages because a number of companies, especially in eastern Japan, have been seriously affected by the March 11 disaster, which has been compounded by restrictions placed on electricity usage this summer.

So to give a boost to Tohoku companies, they won’t require them to raise the minimum wage. So if one wanted to give a boost to the entire Japanese economy, one should…

(Why minimum wage hurts the very people it is supposed to help? Visit www.mises.org and search for “minimum wage laws”. You could also start here:

[yframe url=’http://www.youtube.com/watch?v=zMMN3UIQmEk’]

Tags: ,

Mark Wadsworth: Philip Davies and reported speech

Jun 19

Posted by sheffner in culture and communication, economic and political philosophy | Comments off

A good example of what English Secession wrote the other day, about how emotional appeal usually beats reason: “he wants to exploit the handicapped!!” takes less than 5 seconds to say, whereas explaining why and how the minimum wage creates unemployment takes rather longer (and the other party has to be listening, not always a given). Below, Peter Schiff explains how the minimum wage law destroyed the economy in American Samoa, something actually admitted to in a throw-away line in the liberal “60 Minutes” documentary.

The MSM and various ‘charities’ are up in arms about the fact that Philip Davies said that the disabled are second class citizens who should work for less than the National Minimum Wage etc etc. blah blah blah.

Only he never said either of those things, did he? Philip Davies simply stood up in Parliament and reported what other people had said to him.

via Mark Wadsworth: Philip Davies and reported speech.

Here’s the video of Philip Davies and his subsequent interview:

[yframe url=’http://www.youtube.com/watch?v=TunbihVFBHA’]

And here’s the Peter Schiff video on American Samoa and how it’s economy was eviscerated by the minimum wage law:

[yframe url=’http://www.youtube.com/watch?v=_LaPGIIAyk4′]

Tags: , , , ,