Thoughts on minimum wage, enterprise viability, welfare burden, and, of course, the end of the world as we know it

In a discussion on the merits of minimum-wage laws, I was asked to clarify what specifically my main points in a rather prolonged thread were, in particular my repeated invocation of Adam Smith's discussions of the wages of labor in Book I, Chapter VIII of The Wealth of Nations.

My starting point was this passage from Smith:

A man must always live by his work, and his wages must at least be sufficient to maintain him....

Continued at the dreddit.

#minimumwage #adamsmith #econonomics #collapse #limitstogrowth #peakoil #economics