Re:The $70,000 Minimum Wage Experiment Reveals a Dark Truth
by SteveLAnderson on Friday October 09, 2015 @03:08PM
(#10362581)
How isn't that a zero sum mentality? Unlike in your housing example, nobody lost any true value, just perceived value.
No doubt it can be hard to process, but that doesn't mean it's not a case of zero sum mentality.
Flip it into an experience that many people experience in their lives, they buy product X and they pay $Y for it, then due to circumstances they don't control, the seller decides to start selling that product at $Y-$Z dollars, a big discount. The original buyers feel "ripped off" because the seller changed how they valued the product, without changing the product.
There has to be a real name for it, but I call it value dissonance. Where the value you assign to a good or service is suddenly different than the market value. Everyone who bought a house in 2007 experienced it in 2009 :-(.
Work output is just as much a good or service. And you consciously or unconsciously assign a value to it based on what other work around you "gets" as salary. So if you change what you pay one set of people but not everyone, you introduce this dissonance. And it can be hard to process.