Walter E Williams - Capital & Wages
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I'm in favour of the Death Tax. It's probably the only good tax. Adam Smith liked it too.
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Hallady: Let's not forget that the heavy equipment operator is more highly skilled than the ditch digger. He commands higher wages because he enables the firm to be more productive - thereby enriching the employer. All employers wish to be more wealthy therefore the vehicle towards that end (the more productive worker) is in more demand and commands higher wages. Your supply and demand is in perfect alignment with Dr Williams assertion.
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The more productive a worker is, the higher the demand for him.
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(assuming a perfectly free market) wouldn't it simply be the demand and supply of the worker that determines the wages of the worker? williams linking productivity directly to wages throws me off a bit.
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@The4LA2Baker0 Perhaps, but if a guy driving a tractor was as productive as the guy swinging a pick, but the guy driving a tractor requested a higher wage as you say, the job simply wouldn't exist, nobody would hire him.
The sole reason why the wages can be higher is because of increased productivity!
1 year ago 2
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THIS IS WHY 0% INTEREST RATES IS SO DESTRUCTIVE... It destroys capital... It will eventually wipe out all capital..
TAXES and CENTRAL BANKING is CENTRAL PLANNING...
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@Auggie56 Somebody should tell Walter Williams to fire Obama.
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They get paid more because they know how to operate the machinery. The guy driving the tractor didnt pay for it. any idiot can swing a pick. It takes knowledge and experience to drive a 20 ton potentially deadly piece of machinery.
I agree taxes are out of control and counter productive for the most part, but his reasoning is a bit flawed IMHO.
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Walter Williams is brilliant. I would love to go to GMU. His ability to make econ understandable and relateable is fantastic. Great Video by the way.
2 years ago 4
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LOL My mom went to CSUN, and I went to GMU!
ruthieboboothie8 is right, you have to take whatever you can from Rustici. He teaches undergrad econ, but even econ grad students sit in on his classes.
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If you showed this video to a Democrat politician, he'd probably tax the workers operating the machinery and give a handout to the workers using shovels.
dudemanbearpig 3 years ago 36
Somebody tell Obama to hire Walter Williams.
Auggie56 3 years ago 28