That productivity increases in that scheme is a given, it's just a product of automation.
Remind me when was minimum wage introduced and where does it fit on that graph.
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Posted 19 March 2012 - 03:20 PM
what does the Median wage do there then.
Edited by Ascii, 19 March 2012 - 03:20 PM.
Posted 19 March 2012 - 03:59 PM
It makes perfect sense. All the minimum wage has done has reduce productivity. Without a minimum wage you're rewarded according to productivity with minimum wage the reward for outstanding production is removed hence productivity drops to a consistent low level; what was the film - was it I'm All right Jack?
Posted 19 March 2012 - 04:31 PM
Which is another way of saying that productivity has declined. The comparison has to be against other economies not against previous production which is meaningless.
Posted 19 March 2012 - 05:08 PM
Productivity hashouse prices have risen and wages havent kept up with productivityhouse prices,
Posted 19 March 2012 - 05:16 PM
Posted 19 March 2012 - 05:35 PM
Posted 19 March 2012 - 06:18 PM
In a competitive market, a lot of companies don't have a choice. How is farmer going to explain to Tesco that the price of his vegetables is 20% higher than the next guys because he's decided to pay his workers more than the market rate? How long is he going to be around? And if Tesco agrees to pay more, how long are they going to be around when they raise their prices by 20%?
Large landed property, as we see in England, has already cast off its feudal character and adopted an industrial character insofar as it is aiming to make as much money as possible. To the owner it yields the utmost possible rent, to the tenant farmer the utmost possible profit on his capital. The workers on the land, in consequence, have already been reduced to the minimum, and the class of tenant farmers already represents within landed property the power of industry and capital. As a result of foreign competition, rent in most cases can no longer form an independent income. A large number of landowners are forced to displace tenant farmers, some of whom in this way [...] sink into the proletariat. On the other hand, many tenant farmers will take over landed property; for the big proprietors, who with their comfortable incomes have mostly given themselves over to extravagance and for the most part are not competent to conduct large-scale agriculture, often possess neither the capital nor the ability for the exploitation of the land. Hence a section of this class, too, is completely ruined. Eventually wages, which have already been reduced to a minimum, must be reduced yet further, to meet the new competition. This then necessarily leads to revolution.
"The problem with capitalism is that eventually you end up with everyone else's money" RK
"We have now entered The Great Rebalancing 2007-20xx" - RK
"Gold will go to $1000, Silver to $18" - RK August 2011
QE £100bn and build 1m council homes - RK
Carney announces the launch of Empire 2.0 - Rise of the Banksters Oct '13
Posted 19 March 2012 - 06:21 PM
Posted 19 March 2012 - 06:58 PM
'Minimum wage to rise by 11p an hour'
Posted 19 March 2012 - 07:02 PM
what does the Median wage do there then.
Posted 19 March 2012 - 07:10 PM
Benefits are a massive problem that they haven't even started to tackle.. yet
That makes no sense. Despite the predictions, the introduction of the minimum wage did not crash the economy, and it works perfectly well in other European countries too. What is clearly wrong is that some benefits are too high - particularly related to housing. For work to pay, it's benefits that need to be cut, not wages.
Posted 19 March 2012 - 07:14 PM
Posted 19 March 2012 - 07:33 PM
From the graph that was posted, wages appear to rise for a while.
On your other point of the NMW killing productivity because it destroys the incentive to work hard, not sure I agree. My experience is that if you go the extra mile you might get a few shopping vouchers as a reward (if you're lucky) but it won't translate into better wages.
You're just part of the headcount, and senior management will treat you as such.
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