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I think continuing to prop up the 19th century idea of a minimum wage is foolish - it distorts the labor market, and reduces labor mobility. If we want to do so
by Aloha 9y ago
I think continuing to prop up the 19th century idea of a minimum wage is foolish - it distorts the labor market, and reduces labor mobility. If we want to do something for the future, replace minimum wage with a minimum income scheme, and let the market decide. I strongly suspect you'd see higher labor participation and higher wages overall a decade after implementation.
We're looking ahead to an era where full employment may not be a possibility - we should get ahead of it, rather than waiting for doomsday. But for right now, anything that increases labor mobility would be a net economic benefit.