• The Gold Standard's Avatar
    83 replies | 1295 view(s)
  • The Gold Standard's Avatar
    10-17-2018, 07:35 AM
    I mean, it depends on what he replaced it with. But right now, he's begging the Fed to literally print more money to lower interest rates for him. I don't know who can honestly defend that.
    29 replies | 340 view(s)
  • The Gold Standard's Avatar
    83 replies | 1295 view(s)
  • The Gold Standard's Avatar
    10-16-2018, 01:15 PM
    Those competing forces drive up wages too. If a laborer is more productive than subsistence wages, then he will be bid away from the employer paying only that much, because they can give the worker a raise and still make a profit off of them. The process repeats itself until the worker's wage is at or near his productivity. Even in your unrealistic scenario, with such a surplus of labor, wages are going to be so cheap that it will create opportunities for companies to arise and hire these people, which starts the competitive process of increasing wages again. All of this assumes private property rights and the lack of state interference, of course.
    41 replies | 1147 view(s)
  • The Gold Standard's Avatar
    10-16-2018, 01:07 PM
    Because your premise is wrong. The length of working days in the U.S. fell long before any laws were passed about it. The length of the work day decreases when society becomes wealthier. How does it become wealthier? By companies producing products demanded by the market. The greater the number of products, the cheaper they are to buy, and the wealthier everyone is. So the poor countries that have long work days do so because they are not wealthy enough to be able to afford to stay home 16 hours a day. It's the same argument as child labor. Child labor in the U.S. was almost completely gone decades before the government did anything about it. Before then, society wasn't wealthy enough that they could afford the kids not to work. Once it became wealthy enough, the kids didn't work anymore. With no regulation on working hours, they would still fall as steadily as the wealth of society would allow.
    41 replies | 1147 view(s)
  • The Gold Standard's Avatar
    10-16-2018, 01:01 PM
    An Austrian economist would never say there is an ideal work day. Real economics doesn't prescribe solutions. It merely describes what the processes that occur in the real world are and how they happen. People will work as long as they need to in order to achieve their desired ends. Employers pay workers according to their productivity. Investment in capital goods creates tools and machines that make workers more productive, thereby increasing their real wages. Any government activity that diverts investment or regulates this process only impoverishes workers. Any monetary inflation that drives up the cost of inputs does so at the expense of workers. Any monetary inflation that drives up the cost of consumer goods does at the expense of consumers, which are mostly workers.
    41 replies | 1147 view(s)
  • The Rebel Poet's Avatar
    10-15-2018, 12:33 PM
    The Rebel Poet replied to a thread Help! in Personal Prosperity
    Perhaps I was unclear: I have a job now. There was just an error with my last paycheck and I am getting evicted for not paying the full amount of rent and I'm not getting paid again for two weeks.
    66 replies | 2274 view(s)
  • The Rebel Poet's Avatar
    10-15-2018, 12:30 PM
    The Rebel Poet replied to a thread Help! in Personal Prosperity
    This is the first time I've ever asked for money ever. I don't come around anymore because I've been spending all my time trying to work.
    66 replies | 2274 view(s)
  • The Rebel Poet's Avatar
    10-15-2018, 06:05 AM
    The Rebel Poet replied to a thread Help! in Personal Prosperity
    I hate to beg, but I had a check delayed by my job, and rent is due. If anyone can lend me $800, I can pay back at the end of the month when I get paid again.
    66 replies | 2274 view(s)
  • uncharted's Avatar
    10-15-2018, 01:14 AM
    Sears, the once American retail giant, has filed for chapter 11 bankruptcy. https://www.cnbc.com/2018/10/15/sears-files-for-bankruptcy.html
    8 replies | 310 view(s)
  • The Rebel Poet's Avatar
    13 replies | 420 view(s)
  • uncharted's Avatar
    0 replies | 94 view(s)
  • TommyJeff's Avatar
    10-05-2018, 06:57 AM
    It’s appears the senate will vote tomorrow on the possible confirmation of Kavanaugh. For all the prognosticators out there, what will be the outcome of Saturday’s vote? The second question offers limited choices, though I know many of you would like to find a different result. Please limit your answer to the options below as it relates to your desired outcome this weekend. 1. Kavanaugh is confirmed 2. Kavanaugh is not confirmed and the midterms dictate control of the senate which will dictate the type of person Trump nominates next
    31 replies | 400 view(s)
  • TommyJeff's Avatar
    10-05-2018, 06:23 AM
    The court applies the law(ie constitution) to the case at hand. But this doesn’t make the court supreme to the document itself. Is that an agreed point by us?
    23 replies | 1348 view(s)
  • TommyJeff's Avatar
    10-05-2018, 06:19 AM
    This is partly because they, unconstitutionally, run on the same ticket.
    198 replies | 5761 view(s)
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