Some questions to consider as you watch this video, and to discuss in the comment thread if you would like:
1) Do you agree with the joint statement (0:39 in the video)? How would you modify it if you don't?
2) Related to the argument at 2:15 in the video: If there is a large influx of unskilled workers, can we expect the wages of any group of workers to be helped out?
The unemplyment rate, which is a narrowly defined measure, inched downwards this month from 8.3% to 8.1%. While at first glance this may seem to be a good thing, this WSJ article points out why it may not. Do you think that this unemployment problem is worse for any certain group (income class, race, gender)?
Potential essay question: What do you think a surplus of workers will do to the wage paid to newly employed people? If you think future wages will adjust downward, how far down can they go? Will this surplus of workers ever cease to exist?
Here's a good video from the Wall Street Journal on the role that firms have in job creation. This is especially relevant to where we are in class, and with the Occupy Wall Street campaign. How does this video relate to the circular flow model from the start of the semester? If a company maximizes its profit this implies that it minimize costs (which includes money spent on hiring people). Do companies do what is best (from society's point of view) by maximizing profits?
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