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Politics : Formerly About Advanced Micro Devices
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To: neolib who wrote (761858)1/6/2014 7:52:32 PM
From: TimF  Read Replies (2) of 1573697
 
the real question wrt to minimum wage is tied back to wealth concentration. In an economy with lower working wages and higher wealth concentration, I expect lower productivity over time and higher asset inflation.

1 - I wouldn't expect that to any great degree. Higher inequality because of the poor getting poorer, would be bad for the poor but wouldn't really have much of a connection to lower productivity. Higher inequality because of the rich getting richer, without the poor getting poorer, could allow for more investment capital, it would contribute some to asset inflation, but the extra investment capital would be positive for productivity.

2 - We are not getting lower working compensation over time. Not over the long run even lower working wages.

3 - We are not getting less consumption over time, either in total, or from those with below average incomes.
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