Re:Restaurant workers quit at record rate
by AKSucks on Wednesday July 21, 2021 @05:44AM
(#27904178)
"Many economists assumed this was the fault of the labor seller for not having skills attractive to buyers"
Given the massive redistribution of wealth in the US for the last half a century it's pretty clear that's not true, and that what's really been going on is businesses have been squeezing "labor sellers" to death.
Labor force participation has been falling for a long time as labor sellers (employees) fail to find an adequate price for their labor from employers (the buyer). Many economists assumed this was the fault of the labor seller for not having skills attractive to buyers. It's also possible that in certain segments employers were using labor in-efficiently, or simply miss-pricing the value of a worker.
Which is a long winded way of saying that a higher minimum wage may bring more labor into the market, while simultaneously forcing businesses to leverage automation to improve the productivity of said labor.