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View Diary: WV-Sen: Raese joins the millionaire club of minimum wage opponents (110 comments)

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  •  The notion that a fair wage (1+ / 0-)
    Recommended by:
    Noamjunior

    is determined by the market is misguided in numerous ways.

    First, even we assume that market participants derive their income from their marginal contributions, from this it does not follow that this income distribution is fair, as fair is an ethical judgment, and in obvious cases the marginal productivity of some - because of gifts of nature, circumstance, or the pure lottery of birth - will be such that they will be unable to adequately provide materially and spiritually for themselves, one example being the cognitively disabled.

    Second, neoclassical economic analysis and its theory of marginal utility is plainly absurd - Mr. La Terre and Madame Machine don't derive an income from their contributions; rather, it is the owner of land and capital that derive such income.  

    I could go on, but I won't.

    No public option. Well, at least we are no longer in Iraq or Afghanistan...

    by Pierro Sraffa on Fri Oct 01, 2010 at 03:31:51 PM PDT

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