Great post, thanks. I suggest replacing the animated gifs with normal images, they are very distracting. I know the gifs are some sort of branding / product differentiation thing for the newsletter, but there have to be better ways... just a suggestion!
Very well written. Thank you. I do understand this argument. What I still do not understand is what other ways can we ensure low income workers receive a wage sufficient to have food, shelter, and healthcare? It seems like “the market” has never made this happen. So what is the companion though about paying a living wage that goes with “minimum wage bad for everyone”? Thanks!
There is another way of looking at the question, "Who pays for the Minimum wage?" and that is Who Benefits from the Minimum Wage?" The answer is not only the lowest-paid but..., Individual companies on their own do not. En masse they all do. Poor people spend all their income. This income is spent locally so the local economy benefits. So firms in the local economy benefit. There is also another group that benefits. Surprisingly shareholders and the wealthy benefit. Shareholders because a uniform minimum wage increases the spending power of people who buy goods and services. Wealthy people benefit because wealth accumulates. If wealthy people want to increase their wealth, they have to increase the spending power of the poor.
Great post, thanks. I suggest replacing the animated gifs with normal images, they are very distracting. I know the gifs are some sort of branding / product differentiation thing for the newsletter, but there have to be better ways... just a suggestion!
Very well written. Thank you. I do understand this argument. What I still do not understand is what other ways can we ensure low income workers receive a wage sufficient to have food, shelter, and healthcare? It seems like “the market” has never made this happen. So what is the companion though about paying a living wage that goes with “minimum wage bad for everyone”? Thanks!
There is another way of looking at the question, "Who pays for the Minimum wage?" and that is Who Benefits from the Minimum Wage?" The answer is not only the lowest-paid but..., Individual companies on their own do not. En masse they all do. Poor people spend all their income. This income is spent locally so the local economy benefits. So firms in the local economy benefit. There is also another group that benefits. Surprisingly shareholders and the wealthy benefit. Shareholders because a uniform minimum wage increases the spending power of people who buy goods and services. Wealthy people benefit because wealth accumulates. If wealthy people want to increase their wealth, they have to increase the spending power of the poor.
I like to think I am pretty good at economics, but every time I read your blog I learn something new