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Thats not the greatest thing. Lower wages lead to less power for workers, less political influence and prices go up as monopolies use their power to crush unions and competition.
It is. That’s why we go to schools to learn new schools and constantly upgrade our skills.
A hundred years ago, if you knew how to read, you got to be a manager. Now, that is far from enough.
Also it’s not low wage depresses anything. It’s the low value a person can offer to the society.
Singapore doesnt have a minimum wage, or it's really low i believe, and its working out pretty well for them
And 82% of their population lives in public housing. People used to make the same argument with Germany, but that reality is that unions have a similar affect on wages as do increase in price floors.
And 82% of their population lives in public housing. People used to make the same argument with Germany, but that reality is that unions have a similar affect on wages as do increase in price floors.
Does it matter? Forcing anybody at gunpoint to pay for any service at above fair market rate is immoral.
Does it matter? Forcing anybody at gunpoint to pay for any service at above fair market rate is immoral.
There is no 'fair market rate' in a monopsony. Huge businesses like Walmart and McDonald's decide the "fair market rate" for millions of people and tell them to take it or leave it.
There is no 'fair market rate' in a monopsony. Huge businesses like Walmart and McDonald's decide the "fair market rate" for millions of people and tell them to take it or leave it.
Are you saying people are too stupid to create competitions?
Are you saying people are too stupid to create competitions?
huh? How do wage earners "create competitions", Walmart has successfully fought off unionization so there is no mechanism for workers to ask for higher wages and as I said before, when the market is limited to a few large employers THEY set the wage, employees accept it or don't work.
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