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RE: Daily Discussion No. 3: Working and Wages - Minimum, Maximum, Fair - What IS "Fair?"
I believe in a free market and in perfect and completely free market, competition would be the only regulation needed. Wages would be perfect for supporting a family and companies would only profit if they made a competitive product at a competitive price (or had some unbelievably successful ad campaign).
Thanks for sharing!
To expand a bit, the worker would take the job with the highest wage, so those companies paying a lower wage would have trouble finding employees and would be motivated to raise their wages above the lowest. This increase would, in theory, be about equal to the rate of inflation- meaning wages would always be sustainable.
I think that may hold true of a market in which there also is a perfect balance between the number of people wanting to work, and the number of available jobs. However, we are moving towards an era where more and more jobs will be replaced by technology, so there will be more workers than available positions... which under the theory of Perfect Competition would result in lower pay.