News for hackers. Stuff that matters.

A comment on What harm do minimum wages do?. Parent comment

Re:What harm do minimum wages do? by WalterBright on Wednesday August 19, 2020 @06:41PM (#24217679)
Every job that pays more than minimum wage is evidence that workers do have negotiating power.
[ Parent | on HN ]
Re:What harm do minimum wages do? by edgyquant on Wednesday August 19, 2020 @09:03PM (#24218786)
You are greatly oversimplifying in response to paragraphs. Please expand on your point.
[ Parent | on HN ]
Re:What harm do minimum wages do? by WalterBright on Wednesday August 19, 2020 @09:16PM (#24218860)
I'm not so sure it is more complicated than that. I've been paid well in my career, and it wasn't because my employers were just nice guys.
[ Parent | on HN ]
Re:What harm do minimum wages do? by throwaway56034 on Thursday August 20, 2020 @04:07AM (#24221002)
The company can pay you anything between the legal minimum and the marginal product of your labor. As the labor market can never be perfectly competitive (i.e. an econ 101 textbook market), there will always be an employer who rationally calculates that paying more than minimum wage will be profitable - which in turn has an impact on the decisions of the other employers. This has nothing to do with them being nice guys.
[ Parent | on HN ]
Re:What harm do minimum wages do? by FabHK on Wednesday August 19, 2020 @10:25PM (#24219254)
No. In the text book case, you could be paid your marginal product well above minimum wage, and it would be compatible with neither you nor the firm having negotiating power.
[ Parent | on HN ]