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Though of course (without passing a value judgment on such policies) minimum wages set an artificial lower bound on the cost of human labor here, and this kind
by apendleton 10y ago
Though of course (without passing a value judgment on such policies) minimum wages set an artificial lower bound on the cost of human labor here, and this kind of low-skill work is inexpensive enough that hitting that bound is likely (vs., say, automating legal work), especially as minimum wages rise. For some industries getting to the point that near-100% automation is cheaper than $15/hour for humans is totally plausible to me.
- ethbro 10y agoExactly. The differences between minimum wage and UBI is fascinating, but I didn't want to bring it up above. To me, minimum wage says "if you work, then you should at least able to support yourself on your income$." UBI+ says "if you work, you must find greater fulfillment than mere sustenance in your work." Personally, I can't see minimum wage applying to anyone receiving UBI. Although it might make sense to have a "less than minimum wage" tax that helps fund the UBI directly. $ Abstracting away actual amounts and whether or not they're enough + Market adjustments aside
- sbov 10y agoAt the same time, an UBI will make it so people still don't care to perform certain below-current-minimum-wage jobs. E.g. if I were on UBI, and I effectively earned $15/hour through it, I still wouldn't bother looking at jobs unless they paid, say, $5/hour or more.
- ethbro 10y agoI think that's one of the most fascinating questions about UBI though. Hypothetically, if you had UBI and were content at that level of consumption, what would you do? If I absolutely loved animals, I can certainly see working in a pet store for $2/hr or a pittance.