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A comment on What harm do minimum wages do?. Parent comment

Re:What harm do minimum wages do? by dann0 on Wednesday August 19, 2020 @06:45PM (#24217717)
This is a faulty argument.

Value to an individual is very different to value to a market.

Value in this sense is the aggregate of the individual values to all of the buyers and all of the sellers.

Price and value only match when supply and demand are at equilibrium.

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Re:What harm do minimum wages do? by dnautics on Wednesday August 19, 2020 @11:26PM (#24219574)
What aggregate do you use? Mean? Median? Mode? Second moment? Wealth-weighted average? Buying-likelihood weighted average?

How do you avoid Simpson's paradoxes?

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Re:What harm do minimum wages do? by dann0 on Friday August 21, 2020 @01:03AM (#24232149)
You make a good point, but obviously different datasets and scenarios require different methods, and the detail of any approach is less important than starting out with valid assumptions.
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