7 ms·
For a tech-focused discussion, it's interesting (and incorrect) to focus on labor vs. the outputs of labor: productivity. Productivity has outpaced the minimum
by The-Bus 5y ago
For a tech-focused discussion, it's interesting (and incorrect) to focus on labor vs. the outputs of labor: productivity. Productivity has outpaced the minimum wage over the last few decades, thanks to technology and other advances.
As someone else said in response, the first chapter of a HS economics textbook is not sufficient to explain the modern economy.
- lupire 5y ago"Labor" is a shorthand for business outputs. Allocation of profits within the business (shareholders, managers, employees, externalities) is a related but different issue.