What about people receiving astronomically high wages that vastly outstrip their labour value?
The fact that someone is willing to pay them that much suggests that your valuation of their labor is not universally shared.
The thing is, what I’m asking about is not unrelated. It is the inverse situation - which curiously nobody seems to care about.
And I say ‘curiously’ with some sarcasm, because it is very obvious why the focus is always disproportionately on needing to justify minimum wages for the poor, normally with ridiculous economic value arguments, but not extreme wages for anyone else - which is apparently fine and has zero negative consequences
If a business can't pay it's employees enough to live on it shouldn't survive.
This suggests that a person below this threshold would be entirely dependent on a social safety net (family, government, charity), instead of having a job with a partial dependency.
Labour theory of value should first be applied to management staff who produce nothing of value before employees that at least contribute something.
> whose labor does not produce >= $minimum_wage worth of value
Same thing we’ve been doing for other fields like software engineers - just pay them more.
I presume that was sarcasm, given how much trouble people are having finding software engineering jobs at the moment...
It’s not the ability to find jobs. It’s the ratio of pay to value delivered.
Nearly every app or website I use today is broken, slow or hostile to the user. Show me the value for the pay.
If bad software still generates revenue, that's the value. I'm speaking as someone who has used awful software that some ignorant boss bought for our organisation.
tl;dr:
Every minimum-wage supporter would actually be fine with the extremely reasonable position of paying everyone in proportion to the replaceability of their actual work and then letting businesses that don't know how to provide value just go out of business. Raising the wage floor is just an imperfect-but-actionable proxy for that because nobody is willing to honestly explore curbing the excesses of the executive and investor classes.
> "What do minimum wage supporters expect to happen with people whose labor does not produce >= $minimum_wage worth of value?"
Can I assume that you're referring to the executives? Just kidding. Of course you aren't.
You can either mandate that people get paid commensurately with the difficulty of replacing their actual labor (as opposed to merely of their position[0]) or you can raise the floor and hope that it approximately achieves something close enough, but you must pick one.
[0]:
The position of CEO of a company has great value, someone needs to make those decisions. But the actual labor of a CEO can often be trivially done by even the least intelligent and least motivated employee. They are eminently replaceable. And yet the CEO gets paid in proportion to the position rather than their labor.
Right now executive pay is artificially high relative to their actual labor as "the cost of doing business" and laborer pay is artificially low relative to their actual labor as "the way to stay in business". Why does that seem ok?
I remember when Uber was cheap. Then they weren't and people went back to walking and cycling. Americans wouldn't get it.
If you read the article you would know it is literally about Americans who walk to work in the snow because they can't afford gas.