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This is a predictable consequence of a shortsighted legal requirement. How many people will be deprived of work opportunities because of this law? How many jobs
by bmmayer1 5y ago
This is a predictable consequence of a shortsighted legal requirement. How many people will be deprived of work opportunities because of this law? How many jobs will Colorado lose over the next decade or more until the legislature realizes what they've done?
- lotsofpulp 5y agoPrice transparency is a basic requirement of efficient markets.
- silexia 5y agoWhat would be even better is making all tax records public. Then everyone knows what everyone else makes. Sunshine is the best disinfectant.
- ilikecakeandpie 5y agoI have to hard disagree here. There are a lot of bad actors and abusive/manipulative people who would use this information to unfairly pressure someone if they knew how exactly much they made.
- lotsofpulp 5y agoIf they had the ability to pressure someone, why would they not simply be able to press them to show them their tax returns? And would this happen with sufficient frequency to negate the benefits of price transparency? Norway has had public tax returns for a long time.
- InitialLastName 5y agoDoes anyone who lives in a country where tax records are already public have any insight on whether this happens with any non-pro-corporate-fearmongering frequency in those places?
- shrimpx 5y agoAnd wealthy people who prefer to not show it would become targets.
- lotsofpulp 5y agoAre wealthy people who do show it frequently "targets"? I am not aware of rich people in the US being at risk from criminals.
- munk-a 5y agoConmen still definitely exist and they will target the recently rich quite frequently. "Oh did you just get a big options buy out - well I run a wealth management fund that can help grow that sustainably..." these sorts of schemes hurt people bad but because the people had a boatload of money they tend not to raise as much media attention - also IMO America is socially accepting to people who fleece others out of their well-earned cash, if the fool was parted from his money then the benefactor is clearly "more deserving" of it.
- shrimpx 5y agoI think statistically it's not the case that wealthy people are more targeted, but I know wealthy people who'd rather live under the radar wrt their wealth.
- rsj_hn 5y agoThe last thing anyone wants is efficient markets in labor. It would make unions illegal, for example, as the entire raison d'etre of unions is to use market power to raise prices in a coordinated manner. So let's not start pushing for "market efficiency" arguments because those will really come back to bite the proponents of this bill.
- HPsquared 5y agoNow now, political platforms don't need to be logically consistent!
- lotsofpulp 5y agoAn individual may not want efficient markets for their short term interest. A society most certainly benefits from efficient markets in the long term by properly allocating labor resources. The bottom income/wealth deciles should definitely welcome price transparency, unless they are "temporarily" embarrassed members of the upper income/wealth deciles.
- rsj_hn 5y agoIt's not at all clear that society benefits from efficient markets in labor, or that efficient markets theory is something that can even be applied to labor markets in a consistent and logical manner. Efficient markets assume an infinite amount of indistinguishable goods sold by an infinite amount of producers with only marginal costs. This theory is useful because in many situations (e.g. commodities markets) this is a reasonable approximation. That is very different from how labor markets work, even in theory. Labor is not a commodity, there are heavy fixed costs (the costs of skill acquisition), and search costs dominate labor markets.
- lotsofpulp 5y agoI do not see how a society would not benefit from a more efficient labor market, almost by definition of efficient. It is the whole reason why top down control and fascism or communism or Stalinism or Maoism are not ideal, because there is no better signal of supply and demand curves than prices. The way prices move, over a sufficiently large dataset, indicate the way supply and demand curves are moving, and where the ball is moving so you can get to where the ball will be. It is not perfect, of course, but it is better than the alternative (which is?).
- drstewart 5y agoExactly. We should also require by law that candidates provide the range of salaries they're willing to accept on their resumes before submitting any applications. For efficiency's sake, of course.
- colinmhayes 5y agoI don't think that's a bad idea.
- lotsofpulp 5y agoIs that not implicit by applying to a job with a certain salary range?
- redconfetti 5y agoThis might just be a growing pain as other states adopt similar legislation.
- soperj 5y agoHow many people are deprived of work opportunities from minimum wage requirement? Races to the bottom suck.
- colinmhayes 5y agoVery few. Less than 2% of employees are on minimum wage.
- soperj 5y agoSo 3 million jobs?
- colinmhayes 5y ago400,000 at federal minimum wage, 1.2 million below according to BLS. https://www.bls.gov/opub/reports/minimum-wage/2019/home.htm https://www.bls.gov/opub/reports/minimum-wage/2019/home.htm
- runawaybottle 5y agoDepends on how the rest of the country plays it. We can leave Colorado devs for dead, or speak up about this practice and get the needed changes nationwide, fuck, even globally. We’re all doing the same job, and I have no idea how the argument for geographic based pay holds water. In a broader sense, this is one thing that can literally save the middle class. You can live anywhere, get the same pay rate, and actually buy that house in an affordable place instead of fighting for your life for your whole life.