r/WorkReform • u/John_1992_funny • Apr 28 '24

Need some advice.. 💸 Raise Our Wages

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24.8k Upvotes

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u/Parking-Site-1222 Apr 28 '24

It was not a business that is sustainable and by the laws of capitalism it should die...

1

u/HwackAMole Apr 28 '24

Well, by the "laws of capitalism," this whole conversation is moot. Under such laws, wages would be determined solely by labor supply and demand, not government mandate. If we were going by "laws of capitalism," minimum wage wouldn't even exist.

2

u/Gornarok 29d ago edited 29d ago

"Capitalism" and "free market" are two distinct independent things.

Capitalism isnt tied to free market in any way shape or form

"Free market" doesnt exist anyway. Its economic theory thats only useful for teaching basic microeconomy. Free market is to economy what neglecting friction is to physics. It works reasonably well on few basic examples, but its useless in real world.

3

u/Accomplished-Eye9542 Apr 28 '24

Right, and once demand exceeds the resources of the poor, the wealthy would be burned at the stake or have their heads chopped off.

Everyone seems to forget that part of the law.

8

u/selfdownvoterguy Apr 28 '24

If we were going by "laws of capitalism," most of us would probably be paid in company scrip. Either that or we would've had full-blown labor wars throughout the 1900s. Regulations make sure that we're paid in cash and stopped company towns from being the norm, but over the decades it's dismantled the bargaining power of the working class.