Quote from The Economist Feb 1st 2001 “Debating the Minimum Wage”
that the minimum-wage increase left the overall number of workers employed roughly the same, but reduced their hours. (Not implausible, given that most workers in the fast-food business are part-timers.) Then it would be true that the wage rise reduced the demand for (hours of) labour, as the standard model says; but at the same time it could also be true, as advocates of the minimum wage say, that the incomes of the affected workers went up, thanks to the combination of fewer hours at work and the higher wage rate. In which case the policy could be judged a success, even though it had “reduced employment”.
I am moving soon, so I have to start packing my stuff. Today, I spend whole day putting my toys back into their boxes. I have already spent a day last week and I guess I may need another day. I know I have lots of toys, but I still surprise by how many boxes I have. People love to collect things, just like I like to collect toys. I have been thinking about why people do collect things for quite some time, but I fail to come up with any good explanation. Collections are not investments, most of time your collection are just old junks to other people. Collections are not something you can use daily, they just sit there doing nothing. Collection suppose to bring you joy, but you only need to have a few to experience the joy. There is something special about the shear size of the collection. When I am admiring my fleet of Valkyrie and armies of Gundam, I have a sense of satisfaction. Where this sense of satisfaction comes from, I have no idea. It doesn’t make any logical sense to feel happy about something that has no objective value, can’t be used and pretty much just various duplication of one another.