A Quote by Paul Krugman

In short, what the living wage is really about is not living standards, or even economics, but morality. Its advocates are basically opposed to the idea that wages are a market price-determined by supply and demand, the same as the price of apples or coal. And it is for that reason, rather than the practical details, that the broader political movement of which the demand for a living wage is the leading edge is ultimately doomed to failure: For the amorality of the market economy is part of its essence, and cannot be legislated away.

Paul Krugman

Quote Topics

About Amorality Apples Away Basically Broader Cannot Coal Demand Details Determined Doomed Economics Economy Edge Essence Even Failure Idea Leading Living Living Wage Market Market Economy Morality Movement Opposed Part Political Political Movement Practical Price Rather Really Reason Same Short Standards Supply Supply And Demand Than Ultimately Wage Wages Which

Quote Author

Paul Krugman
American - Economist
Born: February 28, 1953

The opinions that the price of commodities depends solely on the proportion of supply and demand, or demand to supply, has become almost an axiom in political economy, and has been the source of much error in that science.

David Ricardo

We stand for a living wage. Wages are subnormal if they fail to provide a living for those who devote their time and energy to industrial occupations. The monetary equivalent of a living wage varies according to local conditions, but must include enough to secure the elements of a normal standard of living-a standard high enough to make morality possible, to provide for education and recreation, to care for immature members of the family, to maintain the family during periods of sickness, and to permit of reasonable saving for old age.

Theodore Roosevelt

It's a market economy. Apparently the demand for great coaches exceeds the supply, so of course the price of good coaches is going to be high.

Michael Gartner

Yes, there is some evidence that migration can slightly depress wages at the bottom end of the labour market, but that's an argument for a genuine living wage, for ensuring all workers are employed on the same terms and conditions, and for extending unionisation.

Owen Jones

I do believe that oil production globally has peaked at 85 million barrels. And I've been very vocal about it. And what happens? The demand continues to rise. The only way you can possibly kill demand is with price. So the price of oil, gasoline, has to go up to kill the demand. Otherwise, keep the price down, the demand rises.

T. Boone Pickens

People will say 'how can you have a plane when your workers are on minimum wage?' I said 'but I don't set the minimum wage.' If the minimum wage would be the living wage, then the Government who set the rules should set it at the living wage. That's how I look at it.

Mike Ashley

This country pays a price whenever our economy fails to deliver rising living standards to our citizens - which is exactly what has been the case for years now. We pay a price when our political system cannot come together and agree on the difficult but necessary steps to rein in entitlement spending or reform our tax system.

Chris Christie

It's tough to figure out how do we compete in Europe and North America, when obviously a living wage for us is very different than a living wage in Indonesia.

John Malkovich

If a market exists for low-paid work, then we should think about how we can make this type of work more attractive by providing government assistance. Of course, the wage-earner must be able to live off of his wages. We will not allow poverty wages or dumping wages. But the wage earner can receive a combined wage that includes both his actual wages and a government subsidy.

Angela Merkel

Like any business, the oil industry runs on the basic premise of supply and demand. The more supply - the lower the price. The higher the demand - the higher price. In other words, the more people who can buy oil, the higher the price of oil.

Ron Wyden

You want supply to always be full, and you use price to basically either bring more supply on or get more supply off, or get more demand in the system or get some demand out.

Travis Kalanick

The supply price and the demand price should be roughly the same. You're not supposed to have two different prices. According to economists.

Richard Thaler

The barriers that renewables and efficiency face come less from our living in a capitalist market economy and more from not taking market economics seriously.

Amory Lovins

The great multinationals are unwilling to face the moral and economic contradictions of their own behavior - producing in low-wage dictatorships and selling to high-wage democracies. Indeed, the striking quality about global enterprises is how easily free-market capitalism puts aside its supposed values in order to do business. The conditions of human freedom do not matter to them so long as the market demand is robust. The absence of freedom, if anything, lends order and efficiency to their operations.

William Greider

Four things have almost invariably followed the imposition of controls to keep prices below the level they would reach under supply and demand in a free market: (1) increased use of the product or service whose price is controlled, (2) Reduced supply of the same product or service, (3) quality deterioration, (4) black markets.

Thomas Sowell

The union miner cannot agree to the acceptance of a wage principle which will permit his annual earnings and his living standards to be determined by the hungriest unfortunates whom the non-union operators can employ.

John L. Lewis

A Quote by Paul Krugman

Quote Topics

Quote Author

Related Quotes

Related Authors