Labor Markets and Minimum Wage: Crash Course Economics #28
Video Overview & Insights
How much should you get paid for your job? Well, that depends on a lot of factors. Your skill set, the demand for the skills you have, and what other people are getting paid around you all factor in. In a lot of ways, labor markets work on supply and demand, just like many of the markets we talk about in Crash Course Econ. But, again, there aren't a lot of pure, true markets in the world. There are all kinds of oddities and regulations that change the way labor markets work. One common (and kind of controversial one) is the minimum wage. The minimum wage has potential upsides and downsides, and we'll take a look at the various arguments for an against it.
its crazy cuz my college is teaching this stuff in my econ class rn
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Ronaldo dose really want to play at Europe for free, but no EU club give him a chance.
Mark, Eric Kitchen, Jessica Wode, Jeffrey Thompson, Steve Marshall, Moritz Schmidt, Robert Kunz, Tim Curwick, Jason A Saslow, SR Foxley, Elliot Beter, Jacob Ash, Christian, Jan Schmid, Jirat, Christy Huddleston, Daniel Baulig, Chris Peters, Anna-Ester Volozh, Ian Dundore, Caleb Weeks
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The story of henry ford is flawed. Because he got sued by stock holders for “waisting money”
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2:35 Which brings the idea of Productivity, those can do the job faster or are better at it will steal the job from the other. Through this perspective sport teams behaviour makes a lot more sense, that's why bball players love to say "it's a business."
But i wonder how this heartless dynamic effects the minds and envinronment of the people around it. That must be what created the "Workers Right."
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LTV believers are crying RN 😂
More User Perspectives
Love this channel
@QriouzMaybe we need maximum wage. Should the CEO of a defense contractor be paid $20 million a year of taxpayers money?
@earllsimmins9373Why Jacob isn't getting more screen time
@leanmaretic8584She's speaking 15x faster than any human brain is even close to being able to process.
@klh768Have you seen how angry she was when talking about the minimal wage?
@JakubWojciechowski93310:03 Messi took that advice seriously 😂😂
@nehilbhatnagar3989"I'm not gonna tell you what to think, but here's what to think" Wow. I hate that my teachers still assign crash course videos. At least the econ videos aren't as annoying as the John Green videos.
@erraviI already live near Bernabeu...now I just have to become Ronaldo
@ErikGruberAbolafioHow many ACDC belts does this man own
@maryakrivopoulou3584I didn't know that Mark Cuban was an econ teacher.
@CastnCallsyooooooooo peep the ACDC belt buckle!!
@willtuma5890Labor Market , Voluntary Exchange , Skills , Wage Discrimination , Monopsy , Efficacy Wages , Union , Minium Wage .
@ray1983ableEngineers = high salary? Not in the Philippines
@samshaven3573$15 min wage has been proven to work in the places it's applied in the USA. The only losers--and even then only slightly--is stockholders.
@thekaxmaxwages have a floor: rent+food+transport. Many corporations ignore this.
@thekaxmaxI wish the teachers I had in High School & College were this much fun and passionate about teaching!
@Khadijahmz1:01 how do you fit $5 million dollars in that little sack?
@AnythingGoesCodesIts 3 years later.... and still no idea what this video demonstrates?
@johnw4590Screen boarder is fine, but the body language of that blonde woman is pretty distracting. CC still helps me lot more than my prof tho lol
@rubyl6249maybe lose the acdc belt buckle? It was distracting and looked unprofessional.
@psychintake6544What if instead of shareholders the government could buy limited stock from companies? Will it incentivize companies to bring down prices more bc there is not as many shareholders looking for massive profits? And it can help spread wealth and create new opportunities for people?
@lovetemplexwatching in 2020 and flickering still there at @. guess comments don't get read.I stopped watching.
@rktsigntistGreat content, ai will reduce low skilled or semiskilled labour force needings. Every aspect of our economy understanding and estimates have to change in order to catch up with the pace of the current world
@sametcansonmez6955stopped at 05:10
@gulnaratayevaWhen I was out of college looking for a job in engineering, I worked at a small computer repair business for $9/hr for a while. There were three people who worked there, and they hired me to take some of the load off. If the minimum wage were much higher than that, I think they would've just sucked it up and worked harder.
I'm not saying this is a super common situation, just that these situations definitely exist.
Could you do a video on comparative advantage (specialization economics) by David Ricardo?
@domingo2977The AC DC belt buckle!
@ginarandol5926Simply making a greater percentage of the workforce more skilled isn't a substitution for a minimum wage. There will always be a need for at least some unskilled labor.
@voodootroisPlease tell me you guys don't take the 'u' out of labour 🤦♂️
@Thefi5thdnbNgl the ACDC belt buckle is fire
@gabrieldotterweich7388How about doing it like the military? Low base pay in salary with a rank system for bumps in pay and responsibilities, and a housing allowance pegged to local cost of living (single/married with kids rates). For example, if average rent is $3,000 for 1 bedroom [single, no kids] in vancouver, store clerk gets monthly base pay of $1,500 plus housing allowance of $3,000. If small businesses cant afford, they can pool together under the local chamber of commerce. Likewise, person B has 2 kids and lives in Moose Crossing where average rent is $500 for a 2 bedroom. He would get monthly $1,500 plus $500.
@리주민Looks real professional with the ACDC belt buckle...
@Lord_Neko_It would be nice if we could have a living wage instead of a minimum wage. Some people can’t go to college or move to anywhere with more job opportunities. These people live in small towns and survive by working at whatever chain businesses are available and then they still have to live off the government because those businesses don’t want to pay more than minimum wage and they know they are the only options.
@Harvest_MintWhat editor is this?
@jayzlecorpuz6727YO VIDEOS ARE GOOD AND REALLY HELPING THANK FOR THAT .but yu talk too fast ..
@hezelmawedze2164Why would I work for less at my mcdonalds in PA if I can drive 10 minutes across the border to NJ to make more?
@mattkearns5195Unionize to stop FASCISM !!!
@p.a.andrews7772minimum wage or no minimum wage?
@lkrader1Hmm... well, I thought this was a good channel but bringing up what is a laughable study in the world of economics (Card and Krueger) and saying that raising the min wage will reduce poverty are two HUGE red flags.....
@darquez24Remember, CR7 is no longer in the Real Madrid and actually in the Juventus, getting even more money.
@orwell_fanhehe the good old days when cr7 was at real
@TobangleBusinesses that can only survive by paying below a living wage do not have the right to exist, simple as that. The entrepreneurs and business owners will need to focus their efforts creating jobs that do economically justify a living wage instead.
@composting_namesminimum wage is essential in rich advanced economies to counteract the impact of migration of the poor to those nations. Without the minimum wage, the floor price of unskilled work would continue to fall, while the rich pocket the additional profit of exploiting the poor.
@shriramvenu20 million , more like 90 million
@dieselboy77