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The price of something is determined by how much people are willing to pay for it, not the marginal cost. We don't pay people based on the marginal cost to keep
by gtremper 11y ago
The price of something is determined by how much people are willing to pay for it, not the marginal cost. We don't pay people based on the marginal cost to keep them alive.
- kuschku 11y agoActually, in many jobs, we do. That’s why several countries have defined a minimum wage, and why so many people in society work minimum-wage jobs.
- eru 11y agoIn America. There are countries without minimum wage that do just fine. (Singapore, and eg pre-2014 Germany.)
- kuschku 11y agoAnd the current German minimum wage is still only in effect in some industries, and in those no one worked below minimum wage before anyway. It’s done literally nothing.