4 ms·
Elevating the minimum job in theory forces productivity upward, so for your trash example, the job still must be done with more special equipment so the same la
by seanmcdirmid 2y ago
Elevating the minimum job in theory forces productivity upward, so for your trash example, the job still must be done with more special equipment so the same labor used is reduced (since it now costs more). Land value taxes do something similar in forcing a certain level of productive land use to cover yearly taxes. The idea is that over time people and resources should be used more efficiently, and there should be some pressure from society in that regard.
An HCOL city provides a different kind of pressure (you need to make more money to live comfortably in one), while a LCOL provides some opportunity to explore and experiment with less risk (since rent is cheaper, starving artists can survive).