Economics: Minimum Wage, Who Gets Hurt?

[SuburbanFarmer]

If all workers are paid less than the value they create, then there will never be enough workers to buy the things they make.

Discuss.

[Hastur]

If all workers are paid less than the value they create, then there will never be enough workers to buy the things they make.

Discuss.

Have you heard of credit?

[PartyOf5]

Where did that quote come from?

If all workers (meaning everyone, including CEOs, pro athletes, celebrities) are being paid less than their value, then we will end up with a surplus of "value". So what is value? Value <> price, yet the quote seems to be saying they are the same thing.

Before we discuss something, how about providing something worthy of discussion?

[Zlaxer]

If all workers are paid less than the value they create, then there will never be enough workers to buy the things they make.

Discuss.

Have you heard of credit?

Ever heard of indenture servitude?

[The Conservative]

Discuss.

Have you heard of credit?

Ever heard of indenture servitude?

Slaves, call them slaves...

[Zlaxer]

Have you heard of credit?

Ever heard of indenture servitude?

Slaves, call them slaves...

Nah - man...Indentured Servitude comes before slaves....

[The Conservative]

Ever heard of indenture servitude?

Slaves, call them slaves...

Nah - man...Indentured Servitude comes before slaves....

The way they act, I’m not sure. They act like they are forced to work the job.

[heydaralon]

The polite term is "coolie."

[DBTrek]

If all workers are paid less than the value they create, then there will never be enough workers to buy the things they make.

Discuss.

It’s a trick question that has no basis in economic reality. Workers, upon accepting their paid position, value the labor they provide for the wage being paid. The employer believes they can use that provided labor to create a good or service that will ultimately surpass what they pay the worker.

But the question is phrased as if there is one concrete labor “value” which is synonymous with the wage a worker is paid. It furthermore assumes that all workers are producing goods, and that their pay must equate to the value of the good, or they are being exploited, by giving up more labor “value” than they are compensated for (in spite of voluntarily accepting the agreed upon wage for their labor).

It’s a ridiculous question. How many people who work on building a Boeing 747 can buy one? How many people making gumballs are overpaid by this definition, since they can afford thousands? It’s a poorly worded trick question posed to dupe dumb people into accepting the idea that labor value is synonymous with goods/services value, and the two must be balanced, or if one is larger it should be the wage of the worker.

Dumb.

[Fife]

Marx really was a genius though, DB. Look at how many people he has been selling the Labor Theroy of Value on for nearly 200 years.

Marx took some stuff from a privileged German toilet seat right to billions of dead and starving people around the globe.