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That certainly sounds plausible, but that doesn't sound like what a person would call "labor better utilized". But I do see the point: when people have low inc
by yetanotherphd 13y ago
That certainly sounds plausible, but that doesn't sound like what a person would call "labor better utilized". But I do see the point: when people have low incomes, they are unable to invest in their own human capital. If possible it would make more sense to target poor people through welfare than through the minimum wage, but I'm don't know the practicalities of implementing either policy in India.
- genwin 13y agoWorkers using more of their potential is labor better utilized to improve the economy. When minimum wage workers become software developers a software company arises, and then a restaurant to serve them, and so on. A basic income (welfare for anyone) would work even better to improve the average standard of living, but not necessarily the economy.