https://old.reddit.com/r/austrian_economics/comments/1ecpa4d/how_minimum_wage_works/

Most Based Comments

Basedness: 🔥🔥🔥🔘🔘

Then, technology is developed so that the bar is tended automatically and without need of a human; maintenance is $15 an hour.What do minimum wage advocates do? Say evil capitalists are taking jobs away from people and advocate for the technology's prohibition. Vicious cycle.Edit: Of course this is a dramatically exaggerated case in favor of free association and enterprise. Don't take it literally, my point is that minimum wage is morally abhorrent and economically stupid; machines are productive and running a business how the owner sees fit is their right. (19)

Have you considered that society shouldn't be built for the generation of wealth, but for the well being of human beings? You know, the people who make up the society? (-14)

Basedness: 🔥🔥🔥🔘🔘

Remember:- $15 was demanded as they shouted that's the living wage.- $15 many places implemented that rate. To no one's surprise except those shouting for $15, jobs got cut and those that remained had to pick up the slack.- Along with job layoffs, businesses began to being in autonomous machines to take orders or check people out.- $20 was then demanded as the correct living wage. California implemented this and to no one's surprise except those making demands, literal business were closed entirely losing thousands of jobs (in Cali and elsewhere).- The use of machines to do check outs, orders, and now delivery's has picked up up at an alarming rate costing even more jobs as business now realize that it's easier and cheaper to maintain a computer than meet the ever growing demands of employees.- Now some are starting to scream for $30 an hour not learning from the past mistakes.If you force businesses to raise pay they will find ways to save money. That means job cuts and replacement... (185)

Thsts not what happened. Covid made things more expensive which made the $15/hr obsolete, not the fact that businesses had to pay more. If you have stagnant wages you get a huge disparity in incomes because prices will keep on going up but the floor stays the same. Eventually this floor is priced out and you have a homeless issue. (-8)

Basedness: 🔥🔥🔥🔘🔘

Remember:- $15 was demanded as they shouted that's the living wage.- $15 many places implemented that rate. To no one's surprise except those shouting for $15, jobs got cut and those that remained had to pick up the slack.- Along with job layoffs, businesses began to being in autonomous machines to take orders or check people out.- $20 was then demanded as the correct living wage. California implemented this and to no one's surprise except those making demands, literal business were closed entirely losing thousands of jobs (in Cali and elsewhere).- The use of machines to do check outs, orders, and now delivery's has picked up up at an alarming rate costing even more jobs as business now realize that it's easier and cheaper to maintain a computer than meet the ever growing demands of employees.- Now some are starting to scream for $30 an hour not learning from the past mistakes.If you force businesses to raise pay they will find ways to save money. That means job cuts and replacement... (185)

Florida enacted a 15 dollar minimum wage. It also enacted a ten dollar minimum wage for tipped employees.You know what happened? The restaurant I worked at raised the prices fifty cents per item, and when I lived there I got a 500 dollar check each two weeks instead of nothing(server)So the rich tourists who visited where I live essentially subsidized my wage by paying more. My boss was a multimillionaire. Who exactly loses in this situation? The poor rich fricks who have disposable income to visit paradise? My multimillionaire boss?I'm cool with that That's reality not whatever bullshit you're going on about. (-7)

Angriest Comments

Angriness: 😡😡😡😡😡

Land? Oil? Forests? Water? Iron? Copper? The vast majority of the "wealth" held by the public at large is the property their house sits on. Land that was once obtainable for free just by being willing to work it is now beyond obtaining with a lifetime of work. The majority of "wealth" predates any work. Nobody created any natural resource. Why do some get to claim that as their private exclusive "capital" and others are subject to them in order to survive?You need to read up on the Lockean theory of ownership and Georgism. Your argument is that used to defend Monarchy that owns all natural resources and everyone else must mutually agree with the Monarch to get something back for working and using what belongs to him. It is anti-liberty. (-2)

Your take on wealth reminds of of Bataille's in his book, The Accursed Share, all wealth is shit out from the sun's anus and there is an excess of it and so we waste it instead, but certain people get to waste more than others *(*no one is "creating" or "producing" anything that has not already been created/produced by the sun's anus).Those who are given less to waste are themselves wasted by others. The excess that is wasted is called luxury and luxury is the share that the poor never get. It's like Aztec sacrifice all over again only the sacrificed are those who have been made vulnerable in and by this system--the wealthy waste their share AND they waste the share that could have gone to those made vulnerable. This last share is luxury and you cannot have luxury without rendering someone as vulnerable.As Leonard Cohen crooned, "The rich have got their channels in the bedrooms of the poor." The sad thing is that someone had to buy that TV to watch that shit and then someone else ... (0)

Angriness: 😡😡😡😡😡

I dont mean if you and me can define need. Im saying a large centrally-planned economy cannot define need. Isnt that one of Ludwig Von Mises main contribution to austrian economics?And for the rest I totally agree with you, minimum wage decimated the low-skill labor market. But i condemn it because some people actually have low skill. Those jobs are needed to get them on the market. Theres a big difference between 0$ and 1$. You can get something going from 1$, at 0 you're stuck. And I think its honestly classist and elitist to call those people because slaves because they dont make a lot of money. The point of the meme is to underline the fact that the exchange is consensual, these people are agreeing to the terms and can leave whenever they want, whether moralizing elites like it or not. (1)

But that the meme fails to recognize is the inherently servility with consensual relationships among unequal trading partners. The entrepreneur can collude with other business, the worker cannot collude with other workers without ceding his liberty to a union. The entrepreneur has capital, so any collusion with other entrepreneurs is less binding because he has a fallback. The worker dies without work for too long. So wage fixing is far more tilted in favor of the entrepreneurial class, and rightfully so because the entire system of economics would fail if there was no profit to be gained from exploiting productive labor. So when you speak of consent without recognizing that the worker is in a vastly inferior bargaining, then you speak of a fairy tale. The minimum wage eliminates the practice of the employer collusion to artificially deflate prices past a certain threshold AND eliminate wholesale any industry which cannot support labor past the threshold. The threshold is arbitrary,... (1)

Angriness: 😡😡😡😡😡

Business owner here! If I want some minute task down for me that I'm only willing to pay a wage for what is deemed to be unsustainable to live, am I not essentially soliciting a slave? Alternatively, is the task possibly zero-value added since the return value is less than a living wage, and therefore unnecessary for the health of my business? (3)

To answer your question: Its only slavery if the person is forced to do it. That was the problem with the slavery = capitalism argument. The law enforced slavery and made it illegal for slaves to refuse to do the work at 0 wages. They further made it illegal to run away if you didn't want to stay there. I have personally worked in an unpaid internship position. I did so for some on the job training. Should that have been made illegal? More generally - my friend owns a firm. He tried to low ball his engineers. He got stuck with crappy engineers because all the good one's refused to take that salary. So he had to pay market rate for engineers and scale back on other types of workers - including office administrators. He used a consulting service to manage HR and payroll and legal. Money doesn't grow on trees and running a business in a competitive market is cut throat. (0)