Earlier quoted context omitted.
> No, what it does is it causes prices to go up, which are amortized across all of society - between both people who are paid $15/hour, and people who are paid $150/hour. Do people who are paid 10x necessarily consume 10x over a person paid minimum wage? If raising the minimum wage causes across the board price increases (aka inflation), then those whose income is lower are affected more since a higher percentage of…
> Do people who are paid 10x necessarily consume 10x over a person paid minimum wage? Even if their consumption was 1x, my point would still stand. Most people aren't earning minimum wage, nor are their salaries affected by minimum wage increases. This means that the cost of most products does not increase as minimum wages increase. Minimum wage increase money comes from somewhere, and since ~everyone relies on minim…
“It isn’t the sum you get, it's how much you can buy with it, that's the important thing; and it's that that tells whether your wages are high in fact or only high in name.”
Mark Twain A Connecticut Yankee in King Arthur's Court (1889)[0]
0. https://www.sciencedirect.com/science/article/pii/S221480431...