Update on the correlation between inflation and minimum wage: New Zealand prices range about twice as much as US prices, with a minimum wage of $14, less than Australias 17 and more than Americas ~$8. Really, Im not sensing any correlation or causation between MW and prices with these sample countries; however, New Zealand does back up the idea of market/demand size affecting prices. US population: ~300 million with lowest prices Australias population: ~20 million with about 50% higher prices. NZ population: ~4 million with often double US prices. Pretty dang sure I see a solid (technically negative) correlation between population decreases and price increases. Fight me on causation if you want, but its very reasonable to think simply and say when not a lot of people buy things those things have to cost more to make up the difference. Not super fancy logic. Fancy logic can lead to bad logic when not looking at data. From the data seen, itd be really dang silly to deny the US a wage increase because of the everything will just cost more anyway! argument. *Still dont have a degree in economics and these are small samples. These are just reports can probably use later.
Posted on: Wed, 07 Jan 2015 23:54:45 +0000
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