Re:What harm do minimum wages do?
by littlestymaar on Wednesday August 19, 2020 @05:45PM
(#24217033)
> but I'm not aware of any definition of "free market" which supposes that all players have equal leverage.
You'll find it in the same chapter of the textbooks that state “that, in the absence of a minimum wage, a worker is paid his “marginal product of labour”, which means the value of what he produces.”. This is also called “perfect competition”, and you won't find a textbook to say that the marginal cost equals the marginal value without summoning this hypothesis.
You'll find it in the same chapter of the textbooks that state “that, in the absence of a minimum wage, a worker is paid his “marginal product of labour”, which means the value of what he produces.”. This is also called “perfect competition”, and you won't find a textbook to say that the marginal cost equals the marginal value without summoning this hypothesis.