Message from @hcaez
Discord ID: 533743093581611019
Hong Kong has one of the highest incomes in the world
not to mention there is a min wage
It doesn't come from there anyways, it comes from China
It's why Hong Kong had such a rapid expansion
yes the min wage is 32.5 HKD
which is roughly 4 USD
What is that in USD?
Oh so that’s what sidd wants here
scaling for differences in cost of living
Let’s become China good idea
thats less money comparatively
A min wage still distorts the market
But no
If I said China I would say
let's regulate more and have a min wage with higher taxes
But I didn't
according to numbeo, hong kong experiences a higher cost of living compared to the US
Yes
with lower wages
Lower wages =/= lower minimum wage
But remember, even Hong Kong is not a free market
well it's the freest in the world according to that site you linked
Not the free market however
Hong Kong has high rent prices due the the very controls of the land where houses may be built
and caged housing is the same story, it was going down before that policy was implemented
And the fact that interest rates were very low, they don't have a gold standard
so it would be fair to compare hk to manhattan, also high rent prices
similar population
No because we must see it at an microeconomic bases
I don't know if Manhattan has it however.
@chad If you increase the minimum wages it increases the cost of living, also having a minimum wage that is above the cost of living doesn’t drive anyone to get a better job
Higher minimum wages mean that small business can’t afford employees
they have specific regulations that caused that mess
But if somewhere has a 15$ min wage
That means it cost 2x for 1 employee than at National
And product prices go up to compensate for that
As long as Keynesianism exists
there will be problems
Stop credit expansions, stop centrally planning interest rates and return to the gold standard