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PaperclipPerfector  1yr ago (text post)   31951 thread views

Culture War Roundup for the week of May 22, 2023

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There are a complex set of economic arguments for why minimum wage might be good. It has to do with elasticities of prices, monopsony, and some complex models. But luckily ~100% of people arguing for minimum wage don't know any of those arguments. If you brought out those arguments to try and knock them down they'd just get annoyed and angry at you. "No, I support a higher minimum wage because people should be paid enough to survive!"

I think they are more thinking along the lines of why is it that some of the other employees of the firm they work for earn manyfold as much as they do and that they are thinking about minimum wage increases for them being funded by decreases in the wages of the higher earners, but in reality that scenario requires the government to regulate all wages not just the minimum.

Basic math should be used to address those concerns. A million dollar salary can only be split twenty times to pay 50k salaries

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