The Jobless Summer - only 1 in 4 teens employed in US

a bunch of soon to be worthless federal reserve notes.....its funny how so many americans can't see the obvious!

 

They can buy anything they want from the U.S. that can be bought with cash, right?

 

I would favor having the minimum wage raised to $10, but finding a way so that it doesn't hurt businesses too much.

 

Deindustrialisation is the norm in the developed world. But let's not exaggerate it. Industry still is a significant share of US GDP. There certainly are structural problems though. The US, compared to other countries, is too reliant on low paid labour and exhibits insufficient upskilling. However, those problems cannot be understood with the standard supply-side approach to deficient factors of production

 

for now

 

production as a percentage of GDP has been falling for some 25 years now....I really cant see how that can be healthy!

 

As already mentioned, one would expect it with positive deindustrialisation

 

It's not limited to just teens, but also adults with only or less than a high school education.

I'm not completely clear on this, what kind of endogenous education effects are you referring to and how do they skew the results regarding the effects of a minimum wage?

Agree completely (I think) it'd be nice if there was a mechanism to opt-out of the minimum wage in exchange for training, this could invigorate apprenticeship, a practice that has suffered as a result of the minimum wage.

Is it not the case that the long term goal here is to eventually move these low-wage/low-skill workers away from the types of jobs their in and into more productive careers.

 

That the evidence is forced to focus on teens is a matter of fact.

Wage and employment opportunities also impact on the attractiveness of education investment.

The sub-minimum wage already exists. Its relevant for training though i questionable.

Such changes in an anglo-saxon form of capitalism (which arguably celebrates labour market segmentation) isn't easy. It makes Keynes' reference to the long term look optimistic

 

and have it replaced with what? Just consumption and services? This is why one horse towns dont survive.....you need industry in order to produce the goods you consume.......if its all imported then all you are doing is increasing your trade deficit......and eventually this whole system fails!

 

Bit obvious really! You may want to deny how positive deindustrialisation occurs, but that again only reflects an innocence of economics

 

They're the group with the least education and experience, whether teens or just folks that fall into those requirements this has always been the group most affected by the minimum wage.

What risks are there with an opt-out option? It's simply forgoing current wages for investment in human capital.

That's the one where we're all dead 0.o

 

Well, how can you consider a society to be "great" if it doesn't have enough jobs to give everyone?

And if automation, outsourcing etc. destroy the demand for human labor in that nation, why would people expect everyone to have a job? That'd be simply cruel as well as unintelligent.

 

Quoted for mother(*)(*)(*)(*)ing truth.

 

Well... they don't. They simply create demand elsewhere in the economy, unless now suddenly machines build and maintain themselves and right all the software's that allows them to operates.

 

the only reason the USA can get away with it ( for now) is because they have the reaserve currency....no other nation can get away with just printing money for eveything it needs.....this is how many third world countries get into trouble...they buy more than they export and eventually the trade imbalance catches up with them!

 

I like how he completely ignores the rest of your statement and only hears what he wants to.

 

Deindustrialisation is a common feature in most developed nations. The only issue is whether its a positive or negative form. For example, Thatcherism engineered (through stupidity) a negative form where industrial potential was wiped out.

 

thatcher privatized everything including the water supply I think....I have mixed feelings about that. And I think de-industrialization benefits the owners of those companies at first as they can reduce labour cost and in so doing increase the spread at which they sell their products but in the long run not even they profit as fewer people eventually can purchase your products.....I think Henry Ford was correct in that statement!

 

The problems pre-dated the selling of the family silver. Deindustrialisation was engineered through monetarism

This makes zero sense.

 

it makes alot of sence.....if you can sell with a wider spread thanks to offshoring do you not increase your profits? But the problem is as more and more companies do the same you slowly lose your industrial base which in turn leads to fewer employees......you cant have an economy based soley on services.....this is why one horse towns dissappear when that one industry leaves the town....without the income generated by that one industry then there is no money to support the services in that town. You can't have a nation of hamburger flipppers and barbers and auto mechanics.....it just wont work as somebody has to make the stuff you consume and if its made overseas then you have to find a way to pay for it.....and printing money to pay for imports will always fail eventually...having the reserve currency gives you a little more slack but eventually it will still fail!

 

Deindustrialisation and offshoring are different issues; the former typically reflects the twin effects of productivity enhancement and income growth.

Your reference to traditional monopsony wasn't useful

 

now its you making no sence.....there is plenty of industry....the only difference is that it has moved from the west to china, india and mexico.....so in a way its not really de-industrialization but rather industrial allocation.....it just moved to a different part of the world!

 

You simply haven't understood what deindustrialisation entails.

 

so enlighten me as I think that its you that got it wrong