Hong Kong Evidently run by shit cunts (1 Viewer)

[SylviaB]

Hong Kong introduces minimum wage


hurr why don't we just set the minimum wage at US$40k a year, that way, NOBODY will be poor, right?
RIGHT??

 

[jb_nc]

$3 an hour

 

[SylviaB]

$3 an hour

why stop there though

 

[jb_nc]

if you worked non-stop all year round you could make $26 000 a year

 

[SylviaB]

no i mean really economically why stop there why not raise it a lot higher

$3 an hour thats disgusting it needs to be higher

 

[jb_nc]

why stop there though

slippery slope fallacy bro

 

[SylviaB]

slippery slope fallacy bro

nah

although it inevitably WILL get higher

im saying WHY stop there?

why not make it a lot higher?

if controlling wages a little bit is good, why only $3? Why not control them a lot?

 

[jb_nc]

im not the asian ruler of hong kong

however, u can write to him here

Office of the Chief Executive
Hong Kong Special Administrative Region
People's Republic of China

Address :
Government House, Hong Kong
Telephone :
(852) 2878 3300
Fax :
(852) 2509 0580
E-mail :
ceo@ceo.gov.hk

 

[cosmo kramer]

living wage is a pretty gay concept

 

[Slide]

Hong Kong introduces minimum wage


hurr why don't we just set the minimum wage at US$40k a year, that way, NOBODY will be poor, right?
RIGHT??

OH MY GOD

it actually got through

this was being debated when i was at the think tank....

 

[Slide]

no i mean really economically why stop there why not raise it a lot higher

$3 an hour thats disgusting it needs to be higher

most people who are 'affected' by this like street vendors and domestic servants get paid cash in hand anyway.

 

[Slide]

the ceo of HK is Donald Tsang.

 

[Slide]

mainland china also has a minimum wage, by the way.

Hong Kong remains ranked number one as the world's freest economy.

 

[Tirole]

nah

although it inevitably WILL get higher

im saying WHY stop there?

why not make it a lot higher?

if controlling wages a little bit is good, why only $3? Why not control them a lot?

A minimum wage can actually lead to an increase in employment depending on the market structure (i.e. if there's imperfect competition -> the firms have market power in the labor market)
If the minimum wage is too high above the marginal productivity of the worker then firms become unprofitable, so yes, a 'little bit' of wage control can be good (unless the labour market is perfectly competitive, which is very rare).

 

[Slidey]

Pop an aneurysm about it Sylvester.

 

[Lentern]

Stephen Fry is in HK at the moment. Ordinarily a pointless, uninteresting statement but as it involves Fry it's very important.

 

[undalay]

no i mean really economically why stop there why not raise it a lot higher

$3 an hour thats disgusting it needs to be higher

Why not raise the australian minimum wage to $50/hr?

edit: $3US/hr is actually quite significant

 

[jennyfromdabloc]

A minimum wage can actually lead to an increase in employment depending on the market structure (i.e. if there's imperfect competition -> the firms have market power in the labor market)

Care to explain exactly how this process of the minimum wage increasing employment works?