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If you want to implement a minimum income, there are more efficient ways to do it. You can pass a minimum wage that applies to everyone. You can go further and

If you want to implement a minimum income, there are more efficient ways to do it. You can pass a minimum wage that applies to everyone. You can go further and create a universal basic income policy. You can try to guarantee a minimum wage using immigration law, but that is going to have some big side effects and is not going to be accurate at all. Are you proposing a $100,000 per year minimum wage across all professions?

danbruc 10y ago
I am not satisfied with how different factors like work, value and scarcity influence prices, at least in some situations. See also my other comment [1]. If different products requires 8 hours of work, they should have similar prices, they should not vastly differ just because it is hard to find a good developer requiring a high salary while you can drive wages down for flipping burgers because there are many people that could and are willing to do it. Unfortunately I can not provide a superior and convincing alternative allocation strategy for scarce resources than doing it via the price, but it still leaves me unsatisfied. Scarce resource should be allocated so that they can produce the most value, however we define that in the end and there will admittedly probably not be a single correct definition but varying points of view, but giving scarce resources to whomever is able and willing to pay the most, is certainly not optimal. In general I am for a good minimum wage, what is the point of working full-time and still not being able to support once life? But I also understand that simply raising the minimum wages is likely to just shift prices around and in the end we are right where we started just with an additional zero on all prices. If I knew the solution, I would run for president, but I don't and so I can only point at things in the current system that are in my opinion not working as well as I would like them to. [1] https://news.ycombinator.com/item?id=13043465 https://news.ycombinator.com/item?id=13043465

danbruc 10y ago

I am not satisfied with how different factors like work, value and scarcity influence prices, at least in some situations. See also my other comment [1]. If different products requires 8 hours of work, they should have similar prices, they should not vastly differ just because it is hard to find a good developer requiring a high salary while you can drive wages down for flipping burgers because there are many people that could and are willing to do it. Unfortunately I can not provide a superior and convincing alternative allocation strategy for scarce resources than doing it via the price, but it still leaves me unsatisfied. Scarce resource should be allocated so that they can produce the most value, however we define that in the end and there will admittedly probably not be a single correct definition but varying points of view, but giving scarce resources to whomever is able and willing to pay the most, is certainly not optimal. In general I am for a good minimum wage, what is the point of working full-time and still not being able to support once life? But I also understand that simply raising the minimum wages is likely to just shift prices around and in the end we are right where we started just with an additional zero on all prices. If I knew the solution, I would run for president, but I don't and so I can only point at things in the current system that are in my opinion not working as well as I would like them to. [1] https://news.ycombinator.com/item?id=13043465 https://news.ycombinator.com/item?id=13043465