It's about People, not cattle, Prof Lim Chong Yah lambasts Lee Yi Shyan

[Kinana]

There is beauty in simplicity sir. You can debunk that? I'll show it to you again.
Increase salary means increase cost means inflation.

So simple also you cannot debunk.
But what do you expect. Even LCY himself cannot debunk and backed off. You think you are smarter than LCY?

 

[zeddy]

There is beauty in simplicity sir. You can debunk that? I'll show it to you again.
Increase salary means increase cost means inflation.

So simple also you cannot debunk.
But what do you expect. Even LCY himself cannot debunk and backed off. You think you are smarter than LCY?

You smarter than Prof LCY?

 

[Kinana]

You smarter than Prof LCY?

In this case, yes, most definitely.

So how? LCY backed off? So you think you smarter than LCY?

 

[groober2011]

In this case, yes, most definitely.

So how? LCY backed off? So you think you smarter than LCY?

No point arguing with an imbecile so just ignore him. I give up.

 

[zeddy]

In this case, yes, most definitely.

So how? LCY backed off? So you think you smarter than LCY?

I genuinely feel that Prof LCY is lot more smarter than me, you and the PAP Ministars..

 

[Kinana]

No point arguing with an imbecile so just ignore him. I give up.

Yes, what is the point of debating with me when you lose all the time?

 

[Bigfuck]

In this case, yes, most definitely.

So how? LCY backed off? So you think you smarter than LCY?

Why definitely? Show me your quantitative analysis. Burp. Ah, nice dinner. Did you take your nite medicine with the sleeping pills? It helps you from becoming violent. Do you have a fever?

 

[Kinana]

Increase salary means increase cost means inflation.

So simple also you cannot debunk.
But what do you expect. Even LCY himself cannot debunk and backed off. You think you are smarter than LCY?

 

[DerMannschaft]

All of you are talking to a wall. This clown is only out to frustrate you.

 

[Kinana]

You fellas do look really frustrated.
Even your LCY backed off so fast one.

 

[Bigfuck]

You fellas do look really frustrated.
Even your LCY backed off so fast one.

How do you know we looked frustrated? You have camera in our houses. Did LCY back off so fast? Do you need a double dosage of tranquilizers to sleep tonight?

 

[ForFun]

Yes, what is the point of debating with me when you lose all the time?

Come on. You are not debating. You are like a small prick throwing tantrum.

 

[Leongsam]

Come on. You are not debating. You are like a small prick throwing tantrum.

There is nothing to debate. He's simply stating the obvious.

Artificially inflating the price of a product distorts a free market and that includes the price of labour.

It would appear that nothing has been learned from the current situation in liberal Western democracies where welfarism and artificially inflated wages have resulted in a downward spiral which is impossible to reverse.

Take a look at the Greek minimum wage over the last 10 years. Remember that this is a country which produces nothing of significance for the rest of the world.

[h=3]Minimum Wage, Greece[/h]

www.google.com/publicdata876.62 per month - Euro - Jan 2012
Source: Eurostat
Disclaimer


The country has been forced to lower the minimum wage by 20%. In reality, they should remove it completely and allow market forces to determine who gets paid what.

 

[groober2011]

There is nothing to debate. He's simply stating the obvious.

Artificially inflating the price of a product distorts a free market and that includes the price of labour.

It would appear that nothing has been learned from the current situation in liberal Western democracies where welfarism and artificially inflated wages have resulted in a downward spiral which is impossible to reverse.

Take a look at the Greek minimum wage over the last 10 years. Remember that this is a country which produces nothing of significance for the rest of the world.

Minimum Wage, Greece



www.google.com/publicdata876.62 per month - Euro - Jan 2012
Source: Eurostat
Disclaimer


The country has been forced to lower the minimum wage by 20%. In reality, they should remove it completely and allow market forces to determine who gets paid what.

Both of you are wrong. LeongSam, you are getting off point so let us get back to what this is all about. It is not about a Minimum Sum Policy, but about wage restructuring and the dependence on labour-intensive industries. Please read through what Prof. Lim's proposal was all about.

Coming back to the discussion, attention to higher wages as the cause of higher prices leaves unexplained the problem of how wages get high in the first place. The intuition behind this view is that since labor costs are a large fraction of a firm’s total costs of production, rising wages and compensation should put pressure on firms to pass these higher costs on as higher prices. There are several reasons to doubt the accuracy of this view. First, if a wage increase is brought about by increased labor productivity, it will not create inflationary pressure.

Second, a wage increase will not create inflationary pressure if it leads to a squeeze in profits because a firm cannot pass along cost increases. No firm inherits the right to simply “mark-up” the prices of its output as a constant proportion above its costs; competitive market pressures strongly influence the pricing decisions of firms. Finally, causation could work in the opposite direction: An increase in aggregate demand may permit firms to raise the price of their products, and the resulting increase in profits would lead workers to demand higher wages in future negotiations.

It turns out that the vast majority of the published evidence suggests that there is little reason to believe that wage inflation causes price inflation. In fact, it is more often found that price inflation causes wage inflation.

(article taken from Fed Reserve Bank Of Cleveland "Policy Discussion Papers.")

 

[denzuko1]

Only the ministers in Singapore. High pay, unable to perform and refuse to leave even with multiple screw ups.

 

[Kinana]

First, if a wage increase is brought about by increased labor productivity, it will not create inflationary pressure.

In this particular case, LCY's idea is to inflate wages by law regardless of productivity. In other words, it will definitely cause inflationary pressure.

Second, a wage increase will not create inflationary pressure if it leads to a squeeze in profits because a firm cannot pass along cost increases. No firm inherits the right to simply “mark-up” the prices of its output as a constant proportion above its costs; competitive market pressures strongly influence the pricing decisions of firms.

How can you ensure businesses will not pass on cost to the consumer? What right does the govt have the right to squeeze the profits?
This is silly.

Finally, causation could work in the opposite direction: An increase in aggregate demand may permit firms to raise the price of their products, and the resulting increase in profits would lead workers to demand higher wages in future negotiations.

Go ahead, let them demand it themselves if they can but not legislate it.

It turns out that the vast majority of the published evidence suggests that there is little reason to believe that wage inflation causes price inflation. In fact, it is more often found that price inflation causes wage inflation.

Where is the evidence for that?

(article taken from Fed Reserve Bank Of Cleveland "Policy Discussion Papers.")

 

[hockbeng]

What's so special about "human beings"? They're simply one of many species that inhabit the earth.

hope u get run over by a truck while on the road then.

 

[Kinana]

It is about humans, so why does LCY treat singkies like cattle?

 

[Bigfuck]

It is about humans, so why does LCY treat singkies like cattle?

Did LCY treat Singaporeans as cattles or is it PAP? Also, why do you call Singaporeans cattles? Do you have no respect for Singaporeans as a politically motivated person hold a Singapore passport? Do you know it is seditious and treacherous to degrade Singapore citizens on behalf of your Singaporean political masters? Do you know it is taxpayers' money you are using when you insult Singaporeans as Singkies? Are you aware everything you say at SB will be used against you?

 

[Kinana]

LCY treat singaporeans like cattles, thats the problem.
Do you treat us like cattle? Why do you think we Singaporeans are stupid?