News for hackers. Stuff that matters.

A comment on Owner of a Credit Card Processor Is Setting a New Minimum Wage: $70,000 a Year. Parent comment

Re:Owner of a Credit Card Processor Is Setting a New Minimum... by zem on Tuesday April 14, 2015 @02:33AM (#9372457)
except that workers, perhaps especially lower-wage workers, aren't typically paid based on the value they provide the company, but rather on the market rate it would cost the company to replace them with someone else.
[ Parent | on HN ]
Re:Owner of a Credit Card Processor Is Setting a New Minimum... by e12e on Tuesday April 14, 2015 @03:30AM (#9372632)
^This.

The whole premise of making money by providing capital and hiring labour is that you do not pay according to value created/contributed, but as little as the labour market will allow.

Some people think that the invisible hand of the market will ensure that the difference approaches zero. These people often tend to believe that unions are worse than hiring right-wing thugs to bust up unions, too.

[ Parent | on HN ]