why are we doing the $50/hr minwage discourse again 
the desireable minwage in capitalism is set by median wages & monopsony (employer power in a labor market)
in high/medium monopsony, wages rise & employment rises or stays the same
in low monopsony markets, wages rise but employment falls -- hurting workers & worker power!
in high/medium monopsony, wages rise & employment rises or stays the same
in low monopsony markets, wages rise but employment falls -- hurting workers & worker power!
researchers like @arindube have found zero to small unemployment rises with minwage rises up to:
- 60% of median for states
- 80% of median for cities
that difference has a lot to do with variations in monopsony, worker power, and economic efficiency.
- 60% of median for states
- 80% of median for cities
that difference has a lot to do with variations in monopsony, worker power, and economic efficiency.
The real projected median hourly wage in 2024 is $23. 60% of that is ~$13.8.
The real value of a $15 minwage in 2021 would be ~$13.5 in 2024 (lower due to inflation).
That's right around the maximum observed % for states without major employment loss.
The real value of a $15 minwage in 2021 would be ~$13.5 in 2024 (lower due to inflation).
That's right around the maximum observed % for states without major employment loss.
If the goal is "what's desirable in the short term under capitalism", $15 is in the zone that maximizes worker power & worker wellbeing but $50 is not
We can change that zone -- for example, if we forced median wages up by forcing top wages down (predistribution), it would rise!
We can change that zone -- for example, if we forced median wages up by forcing top wages down (predistribution), it would rise!
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