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This is horrifically naive. The minimum wage exists because there is an inherent power imbalance between employers and employees in today's economy. This distor
by InclinedPlane 11y ago
This is horrifically naive. The minimum wage exists because there is an inherent power imbalance between employers and employees in today's economy. This distorts the labor market and puts workers and corporations on an unequal footing when it comes to negotiating pay, to the extreme disadvantage of the worker. The minimum wage is an attempt to force a correction to that inequality and unfairness. It is far from perfect, but until other, better systems exist it's one of the best tools available at present.
- harryh 11y agoThere is very little empirical evidence to support this point of view in non-monopsony situations.
- InclinedPlane 11y agohttp://i.imgur.com/PFSjZXC.png http://i.imgur.com/PFSjZXC.png
- bassman9000 11y agoThat graph only tells you productivity increase has accelerated in respect to salary increase. Which makes sense, due to technology gains.
- harryh 11y agoYa, I've seen that graph before. It's bullshit. http://www.themoneyillusion.com/?p=30585 http://www.themoneyillusion.com/?p=30585