Re:What harm do minimum wages do?
by oarabbus_ on Wednesday August 19, 2020 @05:13PM
(#24216589)
>As I understand it, an economy with powerful corporations and relatively weak workers could still satisfy the definition for 'free market';
Sure, this can be true.
> in other words, power dynamics are orthogonal to market freedom.
No, they are certainly not orthogonal. One needs to only perform a simple thought experiment and increase the corporations' power to the point which constitutes a monopoly, to see immediately that they are not orthogonal. Do the same thing with increasing the power of unions and workers and you will again quickly leave free market territory.
It's a bit astounding to make the (false) claim power dynamics are orthogonal to market freedom.
Sure, this can be true.
> in other words, power dynamics are orthogonal to market freedom.
No, they are certainly not orthogonal. One needs to only perform a simple thought experiment and increase the corporations' power to the point which constitutes a monopoly, to see immediately that they are not orthogonal. Do the same thing with increasing the power of unions and workers and you will again quickly leave free market territory.
It's a bit astounding to make the (false) claim power dynamics are orthogonal to market freedom.