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Nobody wishes to sell their labor at a price that means they are stuck in a cycle of poverty; they do it because they have no choice.
by fallingfrog 4y ago
Nobody wishes to sell their labor at a price that means they are stuck in a cycle of poverty; they do it because they have no choice.
- BayAreaEscapee 4y agoRight, but outlawing the ability of the laborer to sell his services at a market-clearing price doesn't fix that problem. If the minimum wage becomes $25, for some workers, the result will be them making $25 per hour. For some other workers, the result will be structural unemployment. If you suspend market reasoning and just virtual signal, you can just assign blame to the business owner. But virtue signaling itself and assigning blame doesn't actually fix the problem that in the alternate $25-an-hour-universe some subset of workers become structurally unemployed by the invisible hand of the market.