Comments by "Luredreier" (@Luredreier) on "Here's Why Supply and Demand is Overrated! | Economics Explained" video.

Regarding the lack of minimum wage in Norway. That's a truth with modifications... It's still illegal to pay salaries significantly smaller then the ones negotiated for in a sector. So for instance people working in a hotel or restaurant might benefit from lower wages right now rather then losing their job and companies might be desperate for cheaper workers and they will indeed be cheaper then in other sectors like say programming jobs not as impacted by the virus. So the unions for hotel workers etc will agree to lower wages in return for other concessions, be they higher pensions or less work hours/time off/vacation or even controlling votes in the board of directors of the company. The company stays afloat. But lets say that a company finds someone cheaper available? Someone new trying to get hired to a hotel job might want to undercut the others available but there's a limit to how low the hotel can go without breaking the law. Not a fixed minimum wage set by the government or the same as in a totally different industry, but rather a fixed percentage of the negotiated wage in that particular industry. So hiring someone for 5% or even 10% less wage then those that's unionized may be possible. But if you find someone from another country moving in willing to take 25% less then you still have to pay significantly more then that because paying them that sum would be breaking the law. Essential we do have a minimum wage. It's just that companies and unions takes part in setting that minimum wages together with the government only enforcing it and helping out if there's a stale mate or if too much harm comes to society at large. (So nurses may go on strike but only if there's zero doubt that no lives are at risk)
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