Via Business Insider: "As the war over income inequality wages on, super-rich Seattle entrepreneur Nick Hanauer has been raising the hackles of his fellow 1-percenters, espousing the contrarian argument that rich people don't actually create jobs. The position is controversial — so much so that TED is refusing to post a talk that Hanauer gave on the subject. National Journal reports today that TED officials decided not to put Hanauer's March 1 speech up online after deeming his remarks "too politically controversial" for the site...".
How are jobs created?
By Patrick Follow Tue, 4 Sep 2012, 5:45pm 2,049 views 23 comments
In Menlo Park CA 94025
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Comment suggested that actually taxing the very rich at the same percent that the upper middle class pays is equivalent to executing them.
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Your own personal skill set creates your job
Its all about trade
What do you have, that I want/need
What do I have, that you want/need
There was a time when I would get upset at the "american consumer", because I've been a minimalist since before they made a name for it and it became trendy. In a way, I'm a bad economic actor in this type of economy, because I don't bring much demand to the table. Hell, I don't even need trash haul service for myself, because since I don't buy crap, there's not much to throw away
But if everyone was like me, there wouldn't be an economy to complain about. We need people that get their kicks from buying all that crap that fills the lg sq ft abodes and the units at all the storage facilities, while it waits to find its home at the landfill
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errc says
That's not true. Someone has to grow the weed and make the doritos.
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Another awesome Ted video.
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Henry Ford paid his employees more than the going rate. Ostensibly, it was to prevent staff turnover. But, he admitted a deeper motive. He realized that if people didn't earn a decent wage then nobody was going to buy his cars. He raised the bar.
Winston Churchill was a conservative, and an imperialist. But, it was he of all people, who introduced a minimum wage for the "sweated labours". He had contempt for the "rentiers" who derived income without producing anything of tangible value. By all means as he said - work hard and get rich, but do it by being useful.
All I see on Wall Street are "rentiers".
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Winston Churchill also wrote elegantly about the virtues of the Georgist land value tax:
http://www.landvaluetax.org/current-affairs-comment/winston-churchill-said-it-all-better-then-we-can.html
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joe154 says
Didn't Ford have something like a monopoly at that point though? Wasn't he the first to mass-produce cars? If a modern auto company tried the same strategy they'd probably go out of business. What's to stop the employees from buying a competitor's cars?
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Patrick says
Was it Ayn Rand's ghost?
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isn't this just an example of the money-multiplier effect?
it isn't fair to say the rich create no jobs. they simply create as few jobs (constantly seeking out cost cutting---the worst nickel pinchers i have ever met in my life have been the well-to-do) for what they need or want. let's face it, after you purchase 5 mansions (or five income properties) and remodel them to your satisfaction, you don't need a whole lot more than what every other human being needs to survive.
don't forget that what the rich buy, in form of consumer goods, is usually well made enough so that they do not have to constantly replace shoddy merchandise created from oil byproducts which inevitably breaks and can't be repaired.
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Gubmint raises taxes to benefit
(a) themselves ?
(b) the homeless ?
(c) the rich ?
"Cash for Clunkers" benefited banks & Big Auto Dealers, while it damaged first time buyers and used car dealers.
"Bailouts" have benefited
(a) defrauded homeowners ?
(b) default swap creators ?
(c) first time home buyers ?
Through out time, gubmints must fool their peoples into believing they need more of your wealth. In this case it's over our top priority concern.
They say they will create jobs. Nancy P. says "SIGN FIRST".
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Wages are a function of supply and demand, not merit.
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freak80 says
Hmmm. Maybe knowing that your employer valued you enough to pay you a living wage inspires loyalty when shopping?
Maybe there was a time when consumers were smarter, and knew how to reward businesses for more than cheap, foreign-made goods?
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freak80 says
I heard a GM employee tell of one fine morning many years ago when he and his buddies noticed a new Toyota in the employees lot. At lunch he and his buddies took their tools out to the lot and prerty much dissassembled most of the car.
Peer pressure, that's what at least used to keep you from buying your companies compeditors products.
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New renter says
Actions like these constitute terrorism!
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dublin hillz says
I'm sorry, you must have really loved that Toyota.
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errc says
You are a pioneer. In a couple of decades most will have to live like you.
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New renter says
I just don't believe that one should violate someone else's property to make economic or political points. When I was in college, there were some "activists" who would slash tires of SUVs in the parking lot. I disagreed with that too.
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dublin hillz says
Perhaps but to call acts like this terrorism is a bit much. Try starting with vandalism and perhaps harassment and work your way up from there.
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Shouldn't the Economics section be a sub-section of the Religion section?
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thunderlips11 says
That depends on how you market your self, and the goals you set.
You can be the best hamburger flipper in the world, but your wage is pretty much carved in stone. How ever if you are the worlds best kitchen grill/oven fabricator that makes the grills burger king, McDonald's ect. use, then you can pretty much write your own ticket.
This the biggest problem with tech minded people, the young have shifted from being Software creators to Social Media users.
You can find a million people to post internet social media content for your company. But you'll have to pay for merit if you want someone to write you a social media application.
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Jobs are created by people with an idea to serve other people in some way, who need other people to help them accomplish this. They don't need to be rich. Most of them, in fact, are not. They are just people who want to serve the public well in a certain way.
This is how nongovernmental jobs are created anyhow.
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Patrick says
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Quigley says
They do need startup capital though, right? Some businesses are capital intensive, others are not. Your average mom and pop can't start an oil refinery. Maybe a candy store though.