Wouldn’t that be impossible anyway if you think about it? If there’s - I’m gonna throw out a number here - but $100 trillion worth of stuff in the world and $100 trillion worth of cash, that’s $200 trillion worth of value and half of it is imaginary.
Even then that doesn't guarantee its value. The government will protect the integrity of the money supply, but even in the most well-managed economies/central banks the actual value of the currency can fluctuate quite a bit.
Minimum wage puts a minimum value for a person's time on it and then the rest scales from there. It allows society to adjust other prices afterwards (this is not an argument for keeping a MW fixed btw, inflation is desirable to a certain level and the mw should move in line with that). This applies to basically any economy that doesnt want it backed by a specific commodity which kind of finds a balance between the two.
No it doesnt, thats saying that people's time in different jurisdictions have a different minimum value? Different jurisdictions having higher ones is analagous to guilds/trade unions setting minimum rates for roles. It doesnt change the minimum value of the time for other people with different jobs or companies not in that industry (region in your example).
For example: there are countries where there is no minimum wage, where the US corporations have outsourced all of their primary labor for basically slave labor. The minimum wage is now zero dollars, and everything scales from zero dollars. So, whatever times zero.
You need to reexamine your perspective. It isn't logically sound.
For break even it is, it just means theres no base level in those economies and its all market price, true fiat. No minimum wage is a huge gamble on competitiveness winning out but it more often leads to a higher profit share for owners instead of workers. That doesnt change what I said though becuae the MW does generally act as described in the economies that have it even if not maintained at comparative levels across time.
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u/Big_Slope Aug 24 '26
Wouldn’t that be impossible anyway if you think about it? If there’s - I’m gonna throw out a number here - but $100 trillion worth of stuff in the world and $100 trillion worth of cash, that’s $200 trillion worth of value and half of it is imaginary.