Comments by "Seven Proxies" (@sevenproxies4255) on "Koreans React To Minimum Wage Increase (US$7.50) | ASIAN BOSS" video.

  1. Minimum wage is a bad idea. All it does is increase prices on consumer goods. In my country we don't have minimum wage. Wages are solely negotiated between employers and labour unions or individual labourers. The good thing about it is that it becomes difficult to establish a baseline income for the majority of employed people in society, which means that companies are forced to settle for lower prices for consumer goods rather than higher prices if they hope to be able to sell anything. With a minimum wage all you do is establish a baseline income for the entire population, meaning that companies can use it to set the highest prices possible based on data that they think consumers can afford and will be willing to pay. With diverse salary levels they have to try and adapt prices to fit the lowest income levels.
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  2. J: No I don't. Because our system is quite effective at preventing "slavery wages" without resorting to counter-productive concepts like "minimum wage".
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  3. Having a "rich country" does not mean you have a "rich population". Whenever you hear discussions about economics, always try to find out of they're talking about GDP or GDP per capita. A country can have a high GDP with a piss poor population (since the government or the capital owners run off with all the money). High GDP per capita = good for the population. High GDP but low GDP per capita = good for the wealthy, bad for the population.
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  4.  @Lucas-sld : Read my posts. I describe in detail how. I also describe why minimum wage is bad.
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  5.  @aaronclay4665 : No, it's the minimum wage that keep you in poverty. The companies just adjust the prices for goods and services to ensure that no matter how much your minimum wage is raised, the cost of goods and services is increased to match it, leaving you with the same low purchasing power as always. Employers won't be able to race towards the absolute bottom with wages, because if they do, nobody in the country will be able to afford their goods and services. Can't run a company if there's no one around able to afford whatever it is you're selling.
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  6.  @StaminatorBlader : Do you feel that jews with german names should feel the same way?
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