Free Essay

Critical View on Articles

In:

Submitted By sefaardijan
Words 717
Pages 3
What the minimum wage actually does is set a floor value on labor. We live in a world with an increasingly monopsonistic labor market, permitting employers to force employees without extraordinary skills (an increasing majority of workers) to compete for jobs paying the lowest wages and providing the least benefits.
In the U.S., according the latest Congressional Budget Office data, median household market compensation (taking into consideration all of the various forms of compensation and benefits you noted) was essentially flat through the 1980's, generally grew through the 1990's, and is now back to where it was in the late 1990's. The CBO's data also show that the share of total after-tax income of the middle quintile of households, on an inflation-adjusted basis from 1979 through 2010, declined by almost 7%, while that of the top 1% grew by 73%; and while these data were only through 2010, we know from other reports that the top 1% accrued almost all income growth since the Great Recession.
Regarding the impact on investment, there is evidence that lower taxes and the decline of organized labor have encouraged a decline in business capital investment, despite a glut in global savings. This might be a consequence of the ability of capital to earn higher returns by extracting increased productivity from the suppression of worker compensation -- as evidenced by the divergence in the growth rates of productivity and employee compensation. Indeed, Thomas Piketty and his associates in their latest publications are presenting interesting data supporting their view that, when capital returns exceed economic growth rates (as they have for the past four decades), income inequality expands. Taking a large leap in supposition, there's ample reason to believe that inequality feeds on itself, and ultimately retards economic growth through a negative feedback loop. While increasing the minimum wage won't solve this problem by itself, it may be part of a package of actions that can ameliorate and hopefully reverse the decline in the value of labor, the growth of inequality and the slowing of economic growth overall.
What we really need is the explicate modeling of human behavior in a complexes set of non-independent, recursive market distorting policies. Granted that the tool set of the economists is great for modeling "markets", but my concern is that the "market" we all live in is not the "market" that the economists have modeled.
Given so much policy out there, who's to say that markets are not incentivized into functioning at some local maximum that is far, far off the global maximum? Everything is circular and dependent on some phantom initial state, that it is certainly possible that "numerous firms are systematically hurting themselves through their small-minded refusal to pay more". The key word here is "hurting" - that has to be defined. However, that becomes a question of principle and not economic. Are firms maximizing their output (income) of everyone, or are they maximizing the output (income) of themselves relative to their reference group? Are we confusion the level of production with the distribution of its control? I think the firms are maximizing the wrong metric in the current policy environment, which is costing society as a whole. Think of the simple case where the natural result of a perfectly competitive market is eventually monopoly/oligopoly, or the perfect opposite of the starting point. The Achilles Heel of capitalism... Similarly, the Chinese Oligarchs have created a system that maximizes their own interests - at the cost of a much higher potential economic output in aggregate. Ultimately, it's about power. "Economics" is just a tool.
I have no idea what raising the minimum wage will do - the world is not static enough for us to find out. I'm sure everyone's argument can be supported or countered by some data from some where, during some time period. I'm not even sure that the minimum wage discussion is one of economics - I think it's about principles. Will a just and sustainable social contract lead to stability (as we know it) and the global maximum of economic output? I don't know. I do know, however, that an oppressive and destructively exploitative social contract leads to neither stability (as we know it) nor any optimization of production - it leads to the optimization of power and control.

Similar Documents

Free Essay

Critical Thinking

...At the beginning of this course, I defined critical thinking as “the ability to filter and organize information by importance in order to come to a conclusion. Now, as this course comes to an end, my definition of critical thinking is a lot broader. My definition also includes analyzing propaganda and media to come to a conclusion. I would also say that critical thinking involves actuality and seeing behind the scenes of any given information. My view of critical thinking has changed, especially after hearing three views of critical thinking by three very intelligent individuals. I have chosen these sources because I believe their words to be true and I can relate to their views. The first source that I am using is an article by Melissa Korn of wsj.com (Wall Street Journal). Ms. Korn graduated from Cornell University with degrees in English and History and has a master's degree from the Columbia University Graduate School of Journalism. Ms. Korn's tone throughout the article is one of intrigue and wonder of exactly what is critical thinking. She is unbiased because she uses definitions from many different sources as examples to explain critical thinking. There are no assumptions made; instead, the article is very factual. One example that she uses states, “ Mentions of critical thinking in job postings have doubled since 2009, according to an analysis by career-search site Indeed.com “. As a writer for the very credible wsj.com, I believe Melissa Korn is a very credible...

Words: 749 - Pages: 3

Premium Essay

Appendix E

...com/2013/02/14/health/time-bacteria-children/index.html?hpt=he_c2 | C. Complete the six questions below by providing 75-100 word responses that clarify the importance of making critical evaluations of news stories. Type your responses in the boxes below by using course concepts and/or providing examples from the article. |Was the reporting of the news story clear and accurate, with sufficient depth and breadth? Explain in 75-100 words why you | |answered yes or no. | | | |TIP: Page 41 provides a definition of data. Craft your response based on this definition. Were there any areas of ambiguity?| | | |Question to consider: Are there polls or statistics provided? Are the details of these polls/statistics included? | |Demographics? Age, gender? Are the sources of information included in the article? | |After reviewing this article I was surprised to read about...

Words: 1499 - Pages: 6

Premium Essay

The Standard Formula of an Article in Applied Ethics

...The Standard Formula of an Article in Applied Ethics Although philosophical articles can vary widely in their structure and writing style, most credible articles in applied ethics follow a predictable formula. In this conception of that formula, applied ethics articles can typically be broken into five distinct components: 1. Introduction to the case the author wishes to analyze The introduction usually features a brief overview of the issue and a quick recap of the relevant literature on the subject. If the article is a response to a different view on the same case, the other view will be presented and explained before the author presents his or her own view. Optionally, the author may raise objections to other views on the subject before presenting his or her own view. 2. Proposal of a theory (or principle) which can be used to analyze the case All case analyses must have some theoretical framework on which they are based. Without a framework that illustrates clear behavior-guiding principles, any case analysis will lack compelling support and risk incoherence. 3. Critical analysis of the theory and explanation of why it is superior to alternative theories or principles If the theory has unacceptable flaws, then any case analysis based on that theory or principle will inherit related flaws. Consequently, the author must defend the theory against opposing viewpoints by offering supporting arguments and responding to objections. Any mysterious or puzzling concepts must also be...

Words: 784 - Pages: 4

Premium Essay

Critical Reviews

...Writing a Critical Review Education Development Unit, University of New South Wales What criteria can be used for evaluating an article? The following criteria are useful: • the timeliness of the article • the degree to which the article makes an original contribution • the logic of the view put forward • the validity of the evidence put forward • the theoretical framework used Is the framework valid? Has the framework been applied appropriately? • the methodology used Is the methodology appropriate? Is the methodological approach explained clearly? Does the methodological approach have any weaknesses? Is the study sufficiently comprehensive and thorough? Is anything important omitted in the research? • the findings Are the findings presented and described clearly and fully? Do the findings seem sound? Could the data be interpreted in another way? Do/does the author(s) account for everything in the data or do they ignore something that might be important? • the validity of the conclusions • the thoroughness with which the article treats the topic • its value compared to that of other articles on the topic • the appropriateness of the article for the intended audience • the extent to which it might satisfy the specific needs of a specific user. Centre for Academic and Professional Literacies, Institute of Education, University of London http://caplitswritingcentre.ioe.ac.uk/criticalreviews.html Evaluation ...

Words: 1214 - Pages: 5

Premium Essay

Essay On Media Bias

...Detecting Media Bias Do you believe everything you read? While we may like to believe all articles are fairminded and presented in a manner where all viewpoints are relevant, unbiased and unprejudiced, this may not always be the case (Paul & Elder, 2012). Inaccurate articles may also be the result of the elements of irrationality which may find their foundation in human egocentrism and sociocentrism. In cases of human egocentrism, people view everything in relation to themselves. In regards to human sociocentrism (or group egocentricity) situations are viewed with the perspective of one’s group (Paul & Elder, 2012). Both of these elements are huge roadblocks to reasonable thinking. Examples of the impact of these factors can be found...

Words: 1549 - Pages: 7

Premium Essay

None

...Critical analysis “Be more critical! More analysis needed! That’s what my tutors say about my essays. I’m not really sure what they mean.” “I thought I had written a really good assignment this time. I did so much reading and preparation for it, but my tutor’s feedback is ‘not enough argument.’ I’m not sure what to do now. I mean, I’m not an argumentative person - and I don’t really want to be.” One of the most important skills you will need to learn as a student, whatever your discipline is the ability to think critically and objectively about an issue and to present a well-constructed argument. Critical and analytical-thinking skills such as these will be essential to most aspects of your study, whether you are listening to lectures, contributing to seminars, or reading about your subject. Here, we will be focusing mainly on critical analysis for written work, as nothing gains or loses marks more for most student assignments than the quality of your written argument. Argument here doesn’t mean disagreement or unpleasantness. It simply means presenting a strong case to support a point of view. You don’t have to be an argumentative person to do this: on the contrary, good critical writing means using reasons and evidence to support your stand point. The first rule is: Identify the focus of the assignment Good critical analysis isn’t simply about writing. Before you start any assignment, you need to be clear about your focus. At university, this usually means thinking critically...

Words: 2271 - Pages: 10

Premium Essay

Week 9

...February 15, 2012 Critical thinking is the process of thinking that questions people’s assumption. When using critical thinking you are trying to determine if a claim is true or false or halfway true. It’s good to know how to read and even better when you think critically while reading. When I read and think critically I have an open mind and help me to have a better and deeper understanding on what I am reading. I can process Information better and get good meaning of information when critically thinking. Critical thinking is good when writing it makes me have more than just one point of view on the topic being discussed or the way something occurs. When thinking critically I will be able to write where I express my opinion and try to get my point across to others. My writing will be more logical and explanatory also using critical thinking. Like mention above processing information with critical thinking makes information to have deeper views. It’s best to use critical thinking when reading an article because many authors write articles to try to inform you of something and a lot of them enforce their own opinion on things that may or may not be true. When looking at an article you can determine if sources are accurate by critical thinking or whether information can be helpful. Now dealing with advertising critical thinking is well needed to help a person determine whether the way they suggest products will influence many to buy or try product. Critical thinking will help...

Words: 381 - Pages: 2

Premium Essay

Hello

...WRITING A CRITICAL ACADEMIC ESSAY Contributions by Drs Yvonne Brunetto and Ashlea Troth and University of Tasmania [Homepage of University of Tasmania], [Online]. (2001, September 11 - last update). Available: www.utas.edu.au [2002, February 4]. Introduction It is important to note that an academic essay is structured as an argument. This means you cannot just list facts or points, rather you must use them as essential parts of an overall argument. An academic essay also requires you to produce reasons/evidence for any arguments you make. Therefore, essay assessment allows you to come to grips with complex ideas and concepts and to display your knowledge of them. A critical essay both displays and extends your analytical skills. Most students find it difficult to write an assignment. If you feel confident in your ability, you still need to use this guide to check you have the techniques required for a university level assignment. If you do not know how to write an assignment, read through this guide carefully. Keep it by you as you prepare for and write each assignment. However, remember this is just one recipe for 'How to Write'. Many students will still need personal help in writing. Your tutors will be ready to discuss ideas, plans or other matters with you. LAS (the Learning Assistance Service) is also available to give students free assistance. LAS is situated on the second floor of the library. What is critical thinking? "Little evidence of critical thinking"...

Words: 2777 - Pages: 12

Premium Essay

Stategy Review

...WORD COUNT: 1083 WORD COUNT: 1083 The Core Competence of the Corporation c.k prahalad and gary hamel (1990) A Critical analysis The Core Competence of the Corporation c.k prahalad and gary hamel (1990) A Critical analysis Business Strategy MAN3079 Introduction There are two different drivers of strategy for a firm with one being the organisation itself and the other being the environment. “The Core Competence of the Corporation” argues the case for the organisation itself and so the article is placed in the wider debate of the resource based view (RBV) strategy versus positioning strategy. The two different strategies will explained briefly and then the view of the article itself will be evaluated. The Resource-Based View vs. the Positioning View RBV The examples of resources of a firm mentioned by Wernerfelt include “brand names, in house knowledge of technology, employment of skilled personnel, trade contacts, machinery”. These resources provide a competitive advantage against the competitors through resource position barriers which “affects the costs and/ or revenues of later acquirers adversely”. One of the barriers mentioned by Wernerfelt is the technological lead of one firm over another. This results in higher returns as the firm creates more advanced ideas to stay ahead of the competition. The lead can be maintained by using “high current returns to feed R & D” so that the firm constantly stays ahead of rivals (Wernerfelt, 1984). A summary...

Words: 1298 - Pages: 6

Premium Essay

Critical Thinking

...Critical Thinkers and Education A Teachers Goal Bia Mcgrue Scypion EDU372: Educational Psychology Prof. Jimletta Vareene-Thomas 2/20/2016 Critical Thinkers and Education A Teachers Goal Throughout life we are challenged and we encounter an abundance of issues or problems that we need to solve. Some problems that can be resolved effortlessly and efficiently but other obstacles may require a more critical and creative thinking to overcome. When it comes down to thinking to solve problems we depend on our thinking or give some regurgitated answer that we just read. But “much of our thinking, left to itself, is biased, distorted, partial, uninformed, or downright prejudiced” (TCTC, 2016). The purpose of critical thinking is so that we are able to not only accomplish or attain understanding but also so we can assess or check each other’s frame of reference and eventually clarify the question or dilemma at hand. Some would argue whose challenge is it to get students to move pass their beliefs and assumption. Is it on students to dig deeper to gain or find additional tools and information that leads to developing a more in depth thought process. Richard Dawkins expressed that we should “not indoctrinate your children. Teach them how to think for themselves, how to evaluate evidence, and how to disagree with you” (Dawkins, 2015). Picture a student who completes every assignment follows along attentively writes down the notes and answers the questions with the information found...

Words: 3300 - Pages: 14

Premium Essay

The World Economy and the Logic of Economic (Under-) Development

... 1 Table of Content Introduction Summary Critical Discussion Conclusion Reference 3 3 4 5 6 Based on the following three articles: · Immanuel Wallerstein, „The Rise and Future Demise of the World Capitalist System“, Comparative Studies in Society and History 16 (1974), pp. 387-415. · Jagdish Bhagwati, „Free Trade: Old and New Challenges‟ The Economic Journal, 104(423) (1994), pp. 231-46. · Alice Amsden, „The State and Taiwan‘s Economic Development,‟ in George Crane & Abla Amawi (eds.) The Theoretical Evolution of International Political Economy (Oxford: Oxford University Press, 1997), pp. 193-207. 2 1. Introduction This paper is a critical discussion of the central aspect: „The World Economy and the Logic of Economic (Under-) Development“ in the Global Political Economy. The foundation of this paper is based on three pieces: Wallerstein (1974), Bhagwati (1994) and Amsden (1997) which all provide different views about the world economy in terms of political and theoretical approaches. The introduction will be followed by a short summary concerning the protectionism that is evident throughout and the resulting ethical issues. The critical discussion will compare and evaluate the assumptions and concepts of each article which will then be concluded with the addition of my point of view. 2. Summary Immanuel Wallerstein‘s: „The Rise and Future Demise of the World Capitalist System“, from a Marxist point of view, describes a single world system which is split into...

Words: 1594 - Pages: 7

Free Essay

The Relationship Between John and the Synoptic Gospels

...Liberty University THEO 510 – Survey of Theology Andrew Reitenauer Journal Article Critique “The Relationship between John and the Synoptic Gospels” Introduction The Journal article entitled “The Relationship between John and the Synoptic Gospels,” focuses on the relationship that John may have had access to the synoptic gospels when he wrote the book of John. The debate focuses on three theories about how the book of John was written, and how John is similar, yet uniquely different from the Synoptic Gospels, of Matthew, Mark, and Luke. The journal compares the writing style and the scripture context in comparisons and differences between the synoptic gospels and the book of John. Brief Summary The three distinct positions of the article focuses on, first “that John was literally dependent upon one or more of the synoptic gospels” (1). The second is “that John was literally independent of the synoptic gospels, but that similarities between them are due to use of a common synoptic tradition” (1). The third and final position is “that John was literally independent of the synoptic gospels, but was aware of them and their traditions.” (1). All of these literary theories help the reader to understand why the book of John is different, yet similar in many ways to the synoptic gospels, although it is not included as one of the synoptic gospels. “The term synoptic is derived from a combination of the Greek words συν (syn = together) and οψις (opsis = seeing) to indicate...

Words: 916 - Pages: 4

Premium Essay

Article Critique of Caring and Technology in an Intensive Care Unit

...Article Critique of Caring and Technology in an Intensive Care Unit Article Critique of Caring and Technology in an Intensive Care Unit The growing presence of technology in healthcare has changed the way critical care is delivered to patients. Although caring has been synonymous with nursing in the past, the integration of technology in critical care units has somewhat altered these views. The increased dependence on technology has spawned debates directed at the ethical and economical aspects of nursing care. One of the biggest concerns is the appropriateness and cost of new technology used to treat and monitor patients. While studies have shown technology can certainly improve the quality of care, increased utilization of technology in healthcare could also lead to dehumanizing patients. Understanding the effects this phenomenon has on patient care therefore requires an examination of the most current research available. Research Question: What aspects are considered to be troublesome to registered health care professionals’ ability to deliver care services to their patients by the use of technology especially in the critical care unit? The authors of the article have formulated a research question that is aimed at identifying the effect of technology. This is in a bid to come up with a model that is aimed at enhancing medical care for the patients from not only the nurses but also all medical practitioners. It is sufficient in giving compounding results...

Words: 807 - Pages: 4

Premium Essay

Assignment

...ECONOMICS FOR MANAGERS T3.2013 Assignment Due date: Nature: Assignment Overview: Monday, January 13, 2014. Individual assignment. This assignment is partly based on the attached article published in The Australian on April 26, 2012 entitled “Poor bear brunt of ‘nanny taxes’” by Adam Creighton and a paper written by Sam Oldfield on August 7, 2013, “Cigarette Tax Hike Defies Economic Logic.” Please read the articles carefully before attempting the questions. You will be required to demonstrate your understanding of economic concepts taught in the unit and relate them to the cases in the articles. This assignment is designed to encourage you to think about the applications of economic concepts learned in this unit to real world scenarios. Based on the attached Rubric, your assignment will be graded on your use of appropriate economic theory and concepts, clarity of exposition and overall quality of your answers. Your answers should follow “Guide to assignment writing and referencing”, available at this link: http://www.deakin.edu.au/currentstudents/assets/resources/study-support/study-skills/assignref.pdf. Answer all questions. Limit the total word count of your assignment to less than 3,000 words. Depth is encouraged over breadth: that is, it is more important that you demonstrate you understand a concept fully, rather than talk about 3 related concepts only cursorily. You are encouraged to use diagrams/examples in your answers when appropriate. 40 marks. Allocation as indicated...

Words: 3505 - Pages: 15

Free Essay

Implementing Five-Step Strategy for Critical Reading

...Five-Step Strategy for Critical Reading Jaydde Craig HUM/111 Implementing Five-Step Strategy for Critical Reading Five-Step Strategy for Critical Reading Please refer to pages 73-77 in The Art of Thinking for this assignment. Step One: Skim the Article * Take five minutes and skim the following article. http://www.foxnews.com/us/2013/11/08/stand-your-ground-law-survives-florida-house-vote/ Step Two: Reflect on Your Views * What ideas do you have about this subject that could create a bias for or against the author’s view and prevent me from giving it a fair hearing? Please explain in 25-50 words. This article comes across as bias. The facts reported, are more about emotional responses from Rep. Matt Gaetz argued that the law had helped reduce the number of homicides in the state of Florida since its passage. There is no evidence of this stated in this article. It is compiled of remarks by various people that come from an emotional point of view and offer no statistics, proof, quotes, or anything that gives a convincing argument that this is a unbiased review. Step Three: Read the Work Step Four: Evaluate What You Read * Identify the issue of the article in 25- to 50-words. The issue of the article is that Florida legislators defeated an effort to repeal the state's controversial "stand your ground law" following hours of passionate testimony. It is emotional response and not based on any facts. In one part of the article the phrase sparked...

Words: 956 - Pages: 4