I'd honestly rather not. I know about economics and it interests me, however I tend to prefer the politics side of things and economics debates tend to get rather technical and above my pay grade. I would ask one of the 150 economists who signed a letter supporting his plan. Robert Reich has said a lot on this.
@BrendanD19: There are about 15,000 economists in the United States (en.Wikipedia.Org/wiki/Economist#United_States). Those 150 economists you mentioned only make up about 1% of the economists in the United States. Not exactly a large number of economists.
@stschiffman Then please explain Richard Wolff, Gar Alperovitz, Yanis Varoufakis, Branko Horvat, Jaroslav Vanek, David Schweickart, Stuart Holland, Steve Keen, Paul Sweezy, Michał Kalecki, Philip Mirowski, Pat Devine, Michael Albert, Robin Hahnel, Piero Sraffa, Nobuo Okishio, Ian Steedman, John Roemer, David Laibman and János Kornai? Do thay all need to take basic economics classes? These are/were (some are dead) well known and world renowned economists, many of whom not only studied, but also taught economics at universities around the world. Some like Sweezy and Piero Sraffa are considered some of the greatest economists of the 20th century alongside Hayek, Keynes and Friedman.
@BrendanD19: As for your question you asked earlier: yes, 150 credentialed economists need to learn basic economics. The fact that 150 economists support Bernie Sanders proves nothing. Sure, it sounds impressive, but like I said, it only accounts for about 1% of all economists. I could find 24 articles in peer-reviewed journals that deny anthropogenic global warming, which might sound impressive, but that argument falls flat when you find out that those articles were out of 13,950, meaning that less than 1% of the articles asserted that anthropogenic global warming wasn't real (en.Wikipedia.Org/wiki/List_of_scientists_opposing_the_mainstream_scientific_assessment_of_global_warming). It's the same thing. You can't just look at the number of economists or scientists - you have to also look at the percentage of economists or scientists.
Oh, and by the way, Bernie Sanders has no idea how the economy works. Raise the minimum wage to $15/hour? That's a terrible idea. It kills jobs (washingtonexaminer.Com/new-evidence-that-the-minimum-wage-kills-jobs/article/2557106). It's also bad for women and minorities courier-(journal.Com/story/opinion/columnists/2014/09/02/raising-minimum-wage-hurts-women-minorities/14955629/).
1) I must be noted that I cited just those who signed 1 open letter, and not any others, I'm sure there are PLENTY of other economists backing Sanders, Clinton, Trump, Stein, Johnson, Kaisich and Cruz.
2. Here is the thing I think you need to understand about economics, and every academic field for that matter. Economists, develop theories, and then debate whether their theories are right or not! Why do you think there are economists on both sides of the spectrum? You have Friedman and you have Sweezy. You have Hayek and you have Galbraith, and they have developed competing theories. Its like the debate within astro-physics over sting theory vs loop quantum gravity. They develop theories, find evidence to support their claims and then they debate. However never do they say that the economists that disagree with them understand nothing about basic economics. Do you think that in the debates between Bohr and Einstein, Bohr accused Einstein of not understanding basic economics? NO! They simply had competing theories.
I am not in the academic theory side of things, I tend to look at the policy aspects and honestly, I find the policy aspects for democratic socialism and economic democracy to be more compelling than other views, but I am entitled to my opinion.
@reece: Those are more than 150, but 210 economists still isn't very many. That's less than 2% of all of the economists in the United States.
@BrendanD19: There probably are other economists who support raising the minimum wage to $15 per hour. But so what? Just look at the evidence that I've already provided that demonstrates that raising the minimum wage kills jobs, and is bad for minorities and women.
@SirMaximus I meantin the context of the economists i provided. So economists who won Nobel prizes and other large rewords for their work sicken you if they support Bernie? Get your head out of your @ss.
@reece: Yes, I know what it is. It's when you use evidence that supports your opinion to back up your opinion, but ignore evidence that refutes your opinion. However, I haven't seen any actual evidence that raising the minimum wage would be good for society and for the economy. If there's any, please show me it.
No, his position on economics has equal merit to that of non-socialists. However, I would say that outsourcing and greater use of machinery is a corporation's natural defense against rising production costs onset by forced wage hikes and that as long as you're demanding a higher and higher minimum wage you have no right to get mad when corporations resort to stuff like this.
@Vox_Veritas That is both right, and wrong. For one, by firing all the workers from their business, that means there are fewer people to spend money because they have lost their jobs. This means that they will in turn make less money because people won't have money to spend on their goods. So they would not fire all of their workers and replace them with machines, they would fire some, but retain enough to keep everything running as it should.
That is the reason why we need things like better labor protections and collective bargaining, and, above all, why we need to move towards economic democracy. If businesses are run in a democratic manner, no one could make a unilateral decision to automate the work force. The workers would have control over their workplace and would be able to vote the measure down.
Also we need to end the Free Trade deals that have enabled outsourcing, and that just happens to be a part of Sanders' plan.
@SirMaximus how is this for evidence? http://www.epi.org/publication/raising-new-york-state-minimum-wage-to-15/
And that is from a think tank not a Conservative news source (ie the Washington Examiner which is only slightly better than Breitbart)
@BrendanD19 Yes, it's very true that raising the MW that high would lead to higher wages for a lot of people. Do you know what that's called? You guessed it, inflation. Currency inflation is eventually going to backfire against an increase in minimum wages. It's also funny how "unemployment" is never mentioned in the article...
@Brendan D19 "Socialists don't understand economics. If they did, they wouldn't be socialists."
-Milton Friedman, Nobel Prize Winning Economist
Think you know more about economics than him. In that case, where's your Nobel Prize?
@stschiffman “Strong minds discuss ideas, average minds discuss events, weak minds discuss people.” ― Socrates. So do you have any distinguished economists denoting Bernie's ideas (not socialism in general.) I'm sure you're just quote mining anyhow.
@stschiffman Friedman never said that, he was critical of socialism as an economic system, but he never said that socialists don't understand economics.
And furthermore the Nobel Prize in Economics is not awarded to those who are the absolute best in economics, it is awarded for achievements and innovations in the ACADEMIC field of economics. Friedman won it for "for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy". It was not because his work was necessarily because it made good policy, but because it was innovative and a unique accomplishment for that year and because the nominators agreed he earned it. It has to do with innovation in the study of economics, it doesn't have to do with policy or politics.
If you want winners in economics who embraced socialism, I can tell you Kenneth Arrow was a Social Democrat, Gunnar Myrdal was a Democratic Socialist, and a pioneer in Post-Keynesian economics, which is considered by many to be the socialist or socialist leaning version of Keynesianism, James Tobin was a major influence on socialist economists such as Galbraith and Wolff, Jan Tinbergen based much of his work off of Oskar R. Lange, a pioneer in Market Socialism, Ronald Coase worked in the field of new institutional economics but was an avowed socialist, Amartya Sen based some of his work off of Marx's Labor theory of value. Piero Sraffa was awarded the Söderströmska Gold Medal in 1961 by the Swedish Academy. While not technically a nobel prize, the Söderströmska Gold Medal was soon replaced with the Nobel Prize in economics in 1968. Not many economists in the actual field of socialist economics have won, as there has historically been a bias towards mainstream economics. This is the same reason very few Austrian economists have won the prize.
Oh, and by the way, Bernie's position on the minimum wage isn't the only economic issue where he's wrong. He also wants to make public college "free." Why is that wrong? Because even if you taxed the richest people at 100% of their income, it wouldn't be enough to pay for it (youtube.Com/watch?V=0e50fQLyebI).