2 ms·
There is no such thing as a fair wage, fair is subjective and this can be debated for hours by academics. What we have (in some countries) is: 1) Minimum wage:
by mlrtime 3y ago
There is no such thing as a fair wage, fair is subjective and this can be debated for hours by academics.
What we have (in some countries) is:
1) Minimum wage: defined as the least amount legal to pay someone.
2) Living wage: loosely defined as the wage needed for minimum living standards for a given region
3) Market wage: What the market determines your value is worth based on supply/demand.
None of these are "fair" and they aren't usualy the same but sometimes can be.
- soulofmischief 3y ago> There is no such thing as a fair wage Bollocks. A fair wage is a wage which is agreed upon by employee and employer, and is livable according to local cost of living. Let's not get into a semantic argument.
- gruez 3y agoThat's your definition of a "fair wage". The parent's point is that it's subjective and others might disagree. For instance I've seen people take the marxist position that software engineers earning 6 figures isn't "fair" because the company is making even more money from their labor and that amount is effectively being stolen from them.
- soulofmischief 3y agoIt's not just my definition of fair wage, it's the insight that "fair" can only be determined by the parties involved in the transaction, providing they have adequate information such as minimum and market wages for their craft, the value created by their effort, etc. This is the key insight that OP is missing which makes them incorrectly think that "fair" can never be determined because it is some kind of objective goal post. It's not, it's highly subjective and local.