tag:blogger.com,1999:blog-4900303239154048192.post2419165340993821824..comments2024-03-06T06:34:42.881-05:00Comments on EconoSpeak: Does Cochrane Really Understand the Latest on Minimum Wages?Unknownnoreply@blogger.comBlogger4125tag:blogger.com,1999:blog-4900303239154048192.post-37635399496462868262019-04-14T21:55:21.780-04:002019-04-14T21:55:21.780-04:00Does Cochrane have any intellectual capacity or in...<i>Does Cochrane have any intellectual capacity or integrity anyway?</i><br /><br />No.<br /><br />I am always available to answer easy questions.<br /><br />On another front, the "monopsony" argument in labor economics is itself a ridiculous concession to the "markets" mentality of neoclassical economics. Wage workers mostly face take-it-or-leave-it offers from employers. A non-existent "sole" buyer position does nothing to explain why this is so. If we could just admit that there is no "labor market" to begin with, we might then be able to begin thinking clearly about wages and their determination. <br /><br />We might consider that a wage is an administered price. It is held fixed (typically it is some schedule of wages and benefits) and the behavior of the worker is being managed and motivated. The "worker’s marginal product" so beloved of conservative wankers in these analyses, is under the control of . . . (wait for it) . . . management. <br /><br />If the wage is low enough, management will not make an effort. Management slacking will depress marginal product to the level of the wage.<br /><br />When labor economics can admit the actual employment relation to its considerations, and abandon the pretence of a "market" relation as embodied in the ridiculous "monopsony" argument, get back to me.Bruce Wilderhttps://www.blogger.com/profile/09631065564839959376noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-20238559717253682022019-04-10T11:08:09.021-04:002019-04-10T11:08:09.021-04:00Does Cochrane have any intellectual capacity or in...Does Cochrane have any intellectual capacity or integrity anyway?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-28058856360694492792019-04-09T16:45:10.808-04:002019-04-09T16:45:10.808-04:00What fringe benefits do minimum wage workers ordin...What fringe benefits do minimum wage workers ordinarily get? An employer provided burger & fries for dinner?2slugbaitshttps://www.blogger.com/profile/14763897441056512506noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-9593759080710263812019-04-09T15:57:04.571-04:002019-04-09T15:57:04.571-04:00In answer to the question making up the title of t...In answer to the question making up the title of the post, the easy/obvious answer is "No" and the cynical answer is "Yes". I report, you decide: fair and balanced, no?marcel proustnoreply@blogger.com