A selfish action by one person may be good for that person, but if all people make the same decision – it can be bad for everyone.
Thoughts come and go during the day.
When the minimum wage is raised, don’t overlook the effect on GDP. Money is being transferred (in the starkest version) from the owner’s profits to the worker’s pocket. The owner’s consumption of his excess income is much less than the worker’s consumption requires. More of the worker’s income goes into economic activity, increasing GDP rather than going to the owner’s savings.
Consumers drive 70% of GDP. Earners in the top 1% of income have received 93% of the income growth since the depths of the Great Recession (Bloomberg). A surprising fact about those high earners. They only consume 21% of their income (Tax Policy Center).
Some people argue that raising the minimum wage will hurt the lowest tier of workers because it will cut the number of jobs that are available to them, yet the statistics show that does not happen. How can such a reasonable line of logic fail to lead to a valid conclusion?
Economic positions, in brief, on capitalism, corporations, inequity, and government role
In pursuit of profit and self-interest, firms can either innovate with new products or collude with competitors. The first benefits society. The second costs society.