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by quintushoratius
1687 days ago
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> So orthodox economics predicts that increases in minimum wage leads, amongst other things, to deteriorating working conditions. I've never heard that take before, but it's a fascinating idea. Unfortunately, I think the problem we've run into in the U.S. is that minimum wage jobs have already hit rock bottom working conditions. Raising the minimum wage is the only thing left to improve conditions for those stuck in them. |
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Have you seen working conditions in poorer parts of world, or in previous decades when the US was comparatively poorer?
What makes you think 2021 US is 'rock bottom'?
> Raising the minimum wage is the only thing left to improve conditions for those stuck in them.
Well, here again orthodox economics suggest other avenues: decrease taxation on labour, support increased competition between employers for labour (eg by allowing easier access by foreign companies, by making formation of capital easier, etc).
A really big deal in the US would be to 'decriminalize' construction of new housing. That by itself would open up oodles of blue collar job opportunities to compete with existing employers, and it would also decrease what everyone (including workers) has to pay afford a place to stay.