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A real net transfer of wealth only happens if their increase in wages outpaces the increase in costs that they pay because of everyone else's higher wages. Cur
by arkis22 9y ago
A real net transfer of wealth only happens if their increase in wages outpaces the increase in costs that they pay because of everyone else's higher wages.
Current costs (at least part of them) are a reflection of the cost of unskilled labor. What impact does increasing the nominal cost of unskilled labor have?
The relationship between costs and labor haven't changed. I don't think it's logical to think that without changing that relationship you've somehow managed to make them wealthier.