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For reference, I disagree with this logic as well. Another way of stating my point is that instead of artificially pegging things 'to the unit of currency' the
by mjevans 8y ago
For reference, I disagree with this logic as well.
Another way of stating my point is that instead of artificially pegging things 'to the unit of currency' they might instead be pegged as fractions of a "minimum wage", as the econ101 curves will predict a given percentage of a base individuals budget goes to X, and if raising their budget then the cost of X follows that raise.
If yesterday W made 2 times minimum wage, X 5 times, Y 10 times, and Z 100 times, then the minimum wage is multiplied by 2: maybe next year or shortly after... W now makes about 1 times minimum wage, X about 2.5, Y about 5, and Z about 100. Z, BTW, makes money by renting things out instead of directly working for someone else.