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It seems like a stretch to predict that workers will end up destitute because of wages being too high. As some businesses go out of business due to wages, that
by TheCoelacanth 5y ago
It seems like a stretch to predict that workers will end up destitute because of wages being too high.
As some businesses go out of business due to wages, that will put downward pressure on wages and keep things affordable for the remaining businesses.
- s1artibartfast 5y ago>As some businesses go out of business due to wages, that will put downward pressure on wages and keep things affordable for the remaining businesses. Not necessarily. 1) there can be regulatory floors on wages. Half the folks in this thread are calling for higher minimum wage. 2) if cost of living outpaces wages, there may not viable business model at all for low wage employers. 3) it may be the case that in some markets working at all lowers the effective income due to welfare cliffs.