Author Topic: What you need to get a Tim Horton's  (Read 2109 times)

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Offline cybercoma

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Re: What you need to get a Tim Horton's
« Reply #15 on: January 12, 2018, 02:30:07 pm »
I hate to continue to refer to Haidt, but it just happens that he speaks to a lot of fundamental social justice beliefs, which is why he keeps coming to mind.
He talks about how virtually everyone agrees without question on the fundamental economic element of price vs demand, that if you try to patiently explain to someone that increasing cost will decrease demand they'll roll their eyes and go "Well, duh! I'm not an idiot."

Except for the social justice types when you talk about wage hikes. There, somehow, this magically disappears! You can raise wages as much as you want to! It won't cost any jobs! All those economists who say otherwise, including the Bank of Canada, are just making figures up! You can even implement a drastic wage increase out of the blue for no good economic reason but just to gain votes, and it won't cost jobs!
Supply and demand is not simple A then B. Prices have elasticity and there's myriad macroeconomic factors that go into things as well. It's not just a matter of wages go up, prices go up. This is a problem of having just enough knowledge to know something about economics, but not enough knowledge to account for all the other things.
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