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View Diary: Where Adam Smith Was Wrong (121 comments)

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  •  Whack the system (3+ / 0-)
    Recommended by:
    wsexson, Saint Jimmy, zedaker

    From the first point:

    at the higher wage rates, you are going to be left with excess supply of people wanting to do those jobs, and you will see unemployment rise.
     This is begging the question.  The notion that imposing a minimum wage will lead to any significant increase in unemployment is exactly what is at issue, and I see no good evidence that it will.

    From the second point:

    If you try to just start paying people more, you're saying their labor is worth more than a bunch of other goods that it was worth less than yesterday.
     This is also begging the question.  In what way is a worker "worth less" when they are paid less?  My argument was that we must question this idea of a worker's "worth," and recognize that the wage a worker can garner on the market often fails to capture what he or she is really "worth" to an employer.
    That just throws the whole system out of wack.
     Too bad.  Looking at the history of this country, including the conditions that workers faced before safety laws, child labor laws, minimum wages, etc., I'd say the unrestrained free market needs some whacking.

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