The standard of living is not raised by arbitrary laws and decrees imposing higher wage rates, but by the rise in the productivity of labor, which increases the supply of goods relative to the supply of labor and thus reduces prices relative to wage rates, and thereby allows prices to rise by less than wages when the quantity of money and volume of spending in the economic system increase.
@thatguyoverthere This ignores how the extraction of profit works. Think about minimum wage as a lower boundary of existence. If your business isn't able to provide that, it simply cannot be profitable and shouldn't exist without further innovation (and that's thinking inside the boundaries of capitalism)
@waweic why is it the governments job to determine that lower boundary of existence? Why not let the market decide. If you offer someone a wage they can as a free agent decide whether or not the juice is worth the squeeze.
@waweic The final paragraph in the open letter I linked to early really says what I think better than I can word it myself:
The principle here is that we need to look to greater economic freedom, not greater government intervention, as the path to economic improvement for everyone, especially the poor.
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