One thing I don't fully understand is why the equilibrium for the demand/supply of labor is not enough to live on. Why does the hiring party get to be more picky (and thus pay less) among potential employees, while employees get to be much less picky in their job? Some theories:
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My priors make me want to guess that regulations that make it difficult for new businesses to pop up, or tax burdens that make it difficult to hire more employees, and lobbying'd laws from corporations that suppress competition, are the real culprits for low equilibrium.
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Look at wages and working conditions during the industrial revolution before mandatory minimum wages and safety regulations. The people who "own" all the means of production have no incentive to treat the lowest classes as anything other than cannon fodder in the workplace.
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Oh, if there was no minimum wage nothing would stop capitalists from maximizing the amount of surplus value they could get from workers and then maybe the system would collapse quicker
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Yes. Correcting the wrong requires implementing basic income (which lets us abolish minimum wage), and shifting the entire tax burden off income and onto land (Georgism). Then people can buy and sell labor as they choose.
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I've sketched this "utopia" here. It would take some doing, but I think it identifies the wrong you're interested in very precisely. http://pangrammaticon.blogspot.com/p/how-to-imagine-utopia.html …
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One thought, probably dumb: min wage law doesn't physically prohibit sub-min-wage work, but gives workers leverage over their employer b/c they can always turn them in. Afaik, the penalty is asymmetric. Presumes leverage redistribution is good... reasonably, imo.
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Good thought. Unfortunately there’s no guarantee that the value of your labor is enough to live on.
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Min wage is an irresistible populist lever for some politicians. I completely agree with your take here: it's just a ban on some consensual exchanges. E.g. How is a person with low IQ and no job exp supposed to attain job skills and exp when they're not yet worth the min wage?
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Leftists would say they're "avoiding exploitation" but to me it just looks like rotting on the couch collecting welfare, when in a different paradigm they could instead be contributing and self-improving.
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