Comments by "Zach B" (@zachb1706) on "Why Europe Needs Higher Wages" video.

Harvard has $50 billion in assets.
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That’s just stupid. Poorer countries having lower wages encourages investment. And by investing you increase wages naturally. Let’s say you raise the minimum wage to 15 euro across the board, works fine for Germany and France, but now all the businesses in Moldova go bankrupt.
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@antoniocruz8083 “if it’s just for reasons of investment why don’t rich countries pay miserable wages”. A company can try to pay people less, but then the workers will just move to their competitors or into a new industry. The only way you can really do this is through the government, and many governments have tried but in modern democracies these sorts of policies aren’t so popular. But countries do. China devalues its currency to pump up their manufacturing for example.
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@antoniocruz8083 the reason US states are similar isn’t because of a minimum wage, the minimum wage in the US is so low it might as well not exist. The reason US states are that they’ve been stable for longer than Europe and have very little barriers between the states. EU nations will converge if they stay stable and have low barriers of trade between them.
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@antoniocruz8083 I agree, Europe does need to open up. Trade should be free and regulatory barriers cut to a minimum. Actually TLDR did a video recently talking about this, I think it was called “Why European Companies are so Uncompetitive”. Cut the barriers and investment will massively boost economic activity in poorer countries. If those countries are run well
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