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Edited by DeclinedA1:
2/14/2013 12:52:13 AM
3
It is basic supply and demand. If the price of labor is placed above the equilibrium price, it will create a surplus of labor, thus resulting in more unemployment.
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It's "basic" huh? That is what everyone says until they are actually responsible for something. I mean, you are smarter than the president and his economists. Why didn't they take your simple economy courses? Oh WAIT! They did. MORON!
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Edited by Telec: 2/14/2013 1:00:53 AM"It is basic supply and demand" So your economic analysis is, by your own description, basic? Fun fact: a free market will already generate wage rates higher than the market clearing level. (Shapiro-Stiglitz model). What say you?
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I'll say that I did not know that.
