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>Rising cost of labor also hurts growth directly, especially when its due to government intervention and not voluntary free-market forces. Fine by me. A nation

>Rising cost of labor also hurts growth directly, especially when its due to government intervention and not voluntary free-market forces. Fine by me. A nation that does not have either strong (and not hindered by law) unions or a minimum wage to support the most vulnerable (your mention of which in the context of your comment comes across as libertarian concern trolling) does not deserve to "grow". >Raising minimum wage increases the cost of labor, which will reduce hiring and trigger layoffs. My solution to this is simple - abolish the wage. But I'm interested to hear to what extent this is true where minimum wages have increased so far, and whether it must necessarily happen. Taking the argument to its extreme, we ought not to pay anyone at all, since any amount >0 is a rising cost of labour and since growth is important, we out to minimize the cost of labour to zero or even lower. I'm thankful for the fact that the eight hour work day and humane conditions, thanks to the socialists and social democrats of the 19th and 20th c. have prevailed over your "voluntary free market forces".

dunpeal 8y ago
> A nation that does not have either strong (and not hindered by law) unions or a minimum wage to support the most vulnerable (your mention of which in the context of your comment comes across as libertarian concern trolling) does not deserve to "grow". Increasing minimum wage is liable to cause a host of well-known unintended and paradoxical adverse consequences: https://www.cnbc.com/2014/07/14/the-real-problems-with-raising-the-minimum-wagecommentary.html https://www.cnbc.com/2014/07/14/the-real-problems-with-raisi... To you it seems like a simple way to benefit the poor, but in reality it raises unemployment - a far graver problem - among these very poor you are ostensibly trying to protect. You can flame that as "concern trolling", but these are not just very real concerns - they are real consequences that have been observed numerous times across history, including in this very case in Korea, where unemployment has risen substantially as a result of the recent minimum wage raises. > My solution to this is simple - abolish the wage. Truly an excellent practical suggestion for the modern growth economy. Your comment offers zero practical solutions, or anything but empty moral posturing and inciting inflammatory language.

dunpeal 8y ago

> A nation that does not have either strong (and not hindered by law) unions or a minimum wage to support the most vulnerable (your mention of which in the context of your comment comes across as libertarian concern trolling) does not deserve to "grow". Increasing minimum wage is liable to cause a host of well-known unintended and paradoxical adverse consequences: https://www.cnbc.com/2014/07/14/the-real-problems-with-raising-the-minimum-wagecommentary.html https://www.cnbc.com/2014/07/14/the-real-problems-with-raisi... To you it seems like a simple way to benefit the poor, but in reality it raises unemployment - a far graver problem - among these very poor you are ostensibly trying to protect. You can flame that as "concern trolling", but these are not just very real concerns - they are real consequences that have been observed numerous times across history, including in this very case in Korea, where unemployment has risen substantially as a result of the recent minimum wage raises. > My solution to this is simple - abolish the wage. Truly an excellent practical suggestion for the modern growth economy. Your comment offers zero practical solutions, or anything but empty moral posturing and inciting inflammatory language.