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| Re: $15 minimum wage permits few luxuries in US cities (1191020) | |||
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Re: $15 minimum wage permits few luxuries in US cities |
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Posted by Spider-Pig on Wed Jun 4 21:37:52 2014, in response to Re: $15 minimum wage permits few luxuries in US cities, posted by GP38/R42 Chris on Wed Jun 4 12:00:59 2014. No, they won't.First, the cost of things isn't usually 100% for labor. The full cost of that Big Mac isn't just the people working at that McDonald's, but there are capital inputs as well. Second, as I've pointed out many times, the price of goods is NOT based on their cost, it is based on the demand for those goods. If it cost me 25¢ to make a widget, but I could sell my entire supply of widgets for $100, I would do that and make a profit of $99.75 per widget. If the cost of making those widgets went up, they'd still be priced at $100. |
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