Back to episode — Episode 1297 Scott Adams - Bombing Syria, The Obesity-Virus Pandemic, How Not to "Log Off" on Zoom
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business or product that you hear about, people would tell you why to use it, like what its extra advantage is. But I haven't heard that about Clubhouse and I don't know why. Does that mean there isn't any extra advantage? I don't know. I guess I'll keep that as an open question. Here there's big news about the minimum wage $15 thing that the Democrats want to make a national law. And I guess the…
← Previous segment →ferent areas because not every area is the same. It might hurt some places. It might help some places. And that feels like a good argument. I don't know how accurate it is but it feels at least like it makes sense.
So here's my advice to you. If you have a really strong feeling about this $15 minimum wage and you're not a small business owner yourself, in other words it's not going to directly affect you, you immediately maybe shouldn't have that opinion. Because I don't think economists agree. You know, I don't think all economists are on the same side, do you? Do you think if you surveyed economists they'd all be like 95% of them would say either yes or no?
Now I get the Milton Friedman argument of course that the free market is the best mechanism. But we don't really have a free market. We don't really have a free market. We have a very, let's say we do have a free market. We don't have an efficient market. That's what I should have said. It is free but it's not efficient. In order for this minimum wage to find its right level based on competition and the economy and everything else, you need less friction. You need the ability for things to adjust in real time fairly quickly and all that. I don't believe that happens because people don't have that much mobility. There's just too much friction, I think.
So I have no idea whether this is a good idea. I have no idea. Now what do you do when you have no idea if something is a good idea? Anybody? Anybody? What do you do if you're not sure it's a good idea? You test it.
Which one of the sides, the Democrats or the Republicans, are saying, you know, we can't tell if this is good or bad. Why don't we run it for a year in let's say one state or maybe some selected counties? We'll just test it for one year and then we'll know, right? Are the Republicans saying that? Where are the Republicans saying, you know, we think it's a bad idea but we don't hate testing things? Where's that guy or a woman, right? Where's that person or any gender you like?
The only thing we need we don't have. Am I wrong? Is there some story I'm missing here? Tell me I'm wrong. Nobody knows the right answer. It would be trivially easy to test relative to big national things. It's easy. You just say this county, that's the rule for a year. Let's see how it goes, right? Don't understand why we as a population
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are putting up with this. This is pure incompetence because the people making the decision, they don't know if $15 an hour is a good idea. Do you think there's anybody in Congress who knows more than I do? And I don't know much. That's the whole point. I don't know much about whether a $15 minimum wage is a good idea. I don't think so. And when I say good idea I mean good overall in the long run,…
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