Is there an econ term for a choice that is not elective? Like work, for instance. Most of us have to work, or we'll die. This has to influence the price you're willing to accept for work, bc you have to work. Different than truly elective stuff, like price for a new car
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Replying to @chaosprime
Ah, yes. Suppose necessity is a moderating variable, though. Guess I'm asking what happens to the elasticity of demand when a person has to accept SOME price vs when they don't
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Replying to @joe_r_Odonnell @chaosprime
Wondering what UBI will do to wages that people will be willing to accept, really
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Replying to @joe_r_Odonnell @chaosprime
It is unlikely that a wage which would be too low to motivate someone to work under UBI would be allowed by current minimum wage laws. The only difference would have to be from the changing marginal return to income (because people will have slightly more for nothing).
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Replying to @RotemEren @chaosprime
Right. There's a floor. I guess I wonder if employers will need to raise they're minimum offered wage
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Replying to @joe_r_Odonnell @chaosprime
Well, the law already sets it higher than what the labor market would demand, so no.
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yeah, if they’d need to make any changes to acquire and retain labor it’s probably be around working conditions not wages
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