I'm going to graduate from college in May. My value in human capital and skills earned in a degree do not entitle me to some sort of advanced worker minimum wage so why should unskilled workers with little value be guaranteed a certain wage when the market doesn't value them at that wage?
The market doesn't care who you are, what you do or what you know. You get paid according to your worth in productivity. When you have a minimum wage you distort all this.
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[quote] You get paid according to your worth in productivity. [/quote] You get paid what someone is willing to pay you. Increasing minimum wage increases that number for some people, but makes that number zero for others.
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Bearbeitet von Seggi: 1/16/2014 12:48:38 PM[quote]You get paid according to your worth in productivity. When you have a minimum wage you distort all this.[/quote] You get paid as little as your employer can get away with paying you, generally. In cases where there's high unemployment and low unionism (like, say, the United States), that amount's often significantly less than the amount the employee actually produces, because the employer is the one with all of the power when it comes to wages. It's hard to turn down or quit a job with a shitty wage when there's unlikely to be any alternative, and employers benefit from that fact.
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[quote] You get paid according to your worth in productivity. [/quote] Worker wages have been falling behind worker productivity since the 1970s, FYI. The market is actually a bunch of business owners who care about individual profit and wealth, not perfectly balanced and fair wages.
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This right here.
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Bearbeitet von M37h3w3: 1/16/2014 5:44:31 AM[quote]why should unskilled workers with little value be guaranteed a certain wage when the market doesn't value them at that wage?[/quote] So that they don't die. Either from hunger, lack of shelter, or disease. So that they can go to college. Fulfill the American Dream.
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[quote]So that they don't die. Either from hunger, lack of shelter, or disease. So that they can go to college. [/quote] Businesses aren't charities, and it's folly to say they have to act like on in certain situations. Someone who is making more than what they are producing for the company is making that company lose money. Now you can say that companies will just have to deal with it and pay him X amount anyways, but they wont just lie down and take it. They'll either fire him, not employ him to begin with, or raise prices.