What is “work” and how do we value it?

[briansd1]

Against the advice of his parents, my young cousin quit a “great” engineering job at a “great” company to go live on a ranch near Arcata, CA. He does manual work clearing up and maintaining the ranch.

That was after a divorce and short marriage. The bride’s family bought them a nice house. The couple would’ve otherwise live a charmed life.

My cousin will soon go to Asia to do charity work in villages. He doesn’t care about money.

I told him to make good contacts for future business opportunities, haha…

In the 60s and 70s young hippies went to China to see Mao, experience communism and learn Chinese. They are now rich and running hedge funds and consulting firms thanks to their contacts.

[sdduuuude]

[quote=CA renter][quote=sdduuuude]Set the minimum wage to $0.00 and the country would re-learn what work is.[/quote]

And rioting, and high crime, and starvation, and sickness, and social decay…[/quote]

Maybe in China, because jobs may actually start coming back here. When unemployment benefits run out, there’ll be lots of people willing to work for less than the current minimum wage.

[sdduuuude]

[quote=CA renter][quote=sdduuuude]Set the minimum wage to $0.00 and the country would re-learn what work is.[/quote]

And rioting, and high crime, and starvation, and sickness, and social decay…[/quote]

Maybe in China, because jobs may actually start coming back here. When unemployment benefits run out, there’ll be lots of people willing to work for less than the current minimum wage.

[sdduuuude]

[quote=CA renter][quote=sdduuuude]Set the minimum wage to $0.00 and the country would re-learn what work is.[/quote]

And rioting, and high crime, and starvation, and sickness, and social decay…[/quote]

Maybe in China, because jobs may actually start coming back here. When unemployment benefits run out, there’ll be lots of people willing to work for less than the current minimum wage.

[sdduuuude]

[quote=CA renter][quote=sdduuuude]Set the minimum wage to $0.00 and the country would re-learn what work is.[/quote]

And rioting, and high crime, and starvation, and sickness, and social decay…[/quote]

Maybe in China, because jobs may actually start coming back here. When unemployment benefits run out, there’ll be lots of people willing to work for less than the current minimum wage.

[sdduuuude]

[quote=CA renter][quote=sdduuuude]Set the minimum wage to $0.00 and the country would re-learn what work is.[/quote]

And rioting, and high crime, and starvation, and sickness, and social decay…[/quote]

Maybe in China, because jobs may actually start coming back here. When unemployment benefits run out, there’ll be lots of people willing to work for less than the current minimum wage.

[Eugene]

[quote=sdduuuude]
Maybe in China, because jobs may actually start coming back here. When unemployment benefits run out, there’ll be lots of people willing to work for less than the current minimum wage.[/quote]

It’s more complicated than that. You have to think about aggregate demand and exchange rates (particularly the USD/CNY exchange rate).

To put it simply: any attempt to bring back manufacturing/exporting jobs by cutting the minimum wage will be met by the Chinese government with an adjustment of USD/CNY to make sure that Chinese stuff is still cheaper.

[Eugene]

[quote=sdduuuude]
Maybe in China, because jobs may actually start coming back here. When unemployment benefits run out, there’ll be lots of people willing to work for less than the current minimum wage.[/quote]

It’s more complicated than that. You have to think about aggregate demand and exchange rates (particularly the USD/CNY exchange rate).

To put it simply: any attempt to bring back manufacturing/exporting jobs by cutting the minimum wage will be met by the Chinese government with an adjustment of USD/CNY to make sure that Chinese stuff is still cheaper.

[Eugene]

[quote=sdduuuude]
Maybe in China, because jobs may actually start coming back here. When unemployment benefits run out, there’ll be lots of people willing to work for less than the current minimum wage.[/quote]

It’s more complicated than that. You have to think about aggregate demand and exchange rates (particularly the USD/CNY exchange rate).

To put it simply: any attempt to bring back manufacturing/exporting jobs by cutting the minimum wage will be met by the Chinese government with an adjustment of USD/CNY to make sure that Chinese stuff is still cheaper.

[Eugene]

[quote=sdduuuude]
Maybe in China, because jobs may actually start coming back here. When unemployment benefits run out, there’ll be lots of people willing to work for less than the current minimum wage.[/quote]

It’s more complicated than that. You have to think about aggregate demand and exchange rates (particularly the USD/CNY exchange rate).

To put it simply: any attempt to bring back manufacturing/exporting jobs by cutting the minimum wage will be met by the Chinese government with an adjustment of USD/CNY to make sure that Chinese stuff is still cheaper.

[Eugene]

[quote=sdduuuude]
Maybe in China, because jobs may actually start coming back here. When unemployment benefits run out, there’ll be lots of people willing to work for less than the current minimum wage.[/quote]

It’s more complicated than that. You have to think about aggregate demand and exchange rates (particularly the USD/CNY exchange rate).

To put it simply: any attempt to bring back manufacturing/exporting jobs by cutting the minimum wage will be met by the Chinese government with an adjustment of USD/CNY to make sure that Chinese stuff is still cheaper.

[CA renter]

[quote=sdduuuude][quote=CA renter][quote=sdduuuude]Set the minimum wage to $0.00 and the country would re-learn what work is.[/quote]

And rioting, and high crime, and starvation, and sickness, and social decay…[/quote]

Maybe in China, because jobs may actually start coming back here. When unemployment benefits run out, there’ll be lots of people willing to work for less than the current minimum wage.[/quote]

Without a commensurate drop in asset prices (which the govt is hell-bent on avoiding), we cannot afford to have our wages drop. Our purchasing power would drop so precipitously that crime and a gang/”survival at all costs” mentality would develop, just like what happens in every other country with a huge wealth disparity.

Don’t think for a second that eliminating minimum wages laws would cause “capitalists” (who control money flows) to reduce their share of the pie. They will only seek to take advantage of the situation.

[CA renter]

[quote=sdduuuude][quote=CA renter][quote=sdduuuude]Set the minimum wage to $0.00 and the country would re-learn what work is.[/quote]

And rioting, and high crime, and starvation, and sickness, and social decay…[/quote]

Maybe in China, because jobs may actually start coming back here. When unemployment benefits run out, there’ll be lots of people willing to work for less than the current minimum wage.[/quote]

Without a commensurate drop in asset prices (which the govt is hell-bent on avoiding), we cannot afford to have our wages drop. Our purchasing power would drop so precipitously that crime and a gang/”survival at all costs” mentality would develop, just like what happens in every other country with a huge wealth disparity.

Don’t think for a second that eliminating minimum wages laws would cause “capitalists” (who control money flows) to reduce their share of the pie. They will only seek to take advantage of the situation.

[CA renter]

[quote=sdduuuude][quote=CA renter][quote=sdduuuude]Set the minimum wage to $0.00 and the country would re-learn what work is.[/quote]

And rioting, and high crime, and starvation, and sickness, and social decay…[/quote]

Maybe in China, because jobs may actually start coming back here. When unemployment benefits run out, there’ll be lots of people willing to work for less than the current minimum wage.[/quote]

Without a commensurate drop in asset prices (which the govt is hell-bent on avoiding), we cannot afford to have our wages drop. Our purchasing power would drop so precipitously that crime and a gang/”survival at all costs” mentality would develop, just like what happens in every other country with a huge wealth disparity.

Don’t think for a second that eliminating minimum wages laws would cause “capitalists” (who control money flows) to reduce their share of the pie. They will only seek to take advantage of the situation.

[CA renter]

[quote=sdduuuude][quote=CA renter][quote=sdduuuude]Set the minimum wage to $0.00 and the country would re-learn what work is.[/quote]

And rioting, and high crime, and starvation, and sickness, and social decay…[/quote]

Maybe in China, because jobs may actually start coming back here. When unemployment benefits run out, there’ll be lots of people willing to work for less than the current minimum wage.[/quote]

Without a commensurate drop in asset prices (which the govt is hell-bent on avoiding), we cannot afford to have our wages drop. Our purchasing power would drop so precipitously that crime and a gang/”survival at all costs” mentality would develop, just like what happens in every other country with a huge wealth disparity.

Don’t think for a second that eliminating minimum wages laws would cause “capitalists” (who control money flows) to reduce their share of the pie. They will only seek to take advantage of the situation.

[Author]

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