Home › Forums › Principles of Economics › Minimum wage and power imbalance › Reply To: Minimum wage and power imbalance
MichalMemberMay 15, 2021 at 07:26
I am also new here, joined just yesterday after reading Bitcoin standard and getting familiar with some of Seifs ideas and podcast, which caught my attention.
I havent red or gone through the courses yet, but will do soon As I am interested in the Austrian thinking and like some of the ideas.
I am educated in economics and work in board member position responsible for sales in one international company in Slovakia.
I always thought that minimum wage was unnecessary to say at least up to quite harmful in the extreme. I can see that market can solve thos quite easly with the balancing of supply and demand.
We are hiring a lot of peaple and we see how we can influence it and how the expectations and laber offer shifts with the conditions on the marker (but we are not offering minimal wage but the dynamics are similar).
As I said I didnt go through the courses and the Austrian position but where I right now see the weaknes of the free markets is that they balance everything but it takes time which for some market paricipants, particularly the waker ones might mean the difference of life or death.
Of course the discussion get a lot more complicating with the addition of political order into the discussion but lets abstract from it for now.