[Marxism] Praise and Skepticism as One Executive Sets Minimum Wage to $70, 000 a Year

Jim Farmelant farmelantj at juno.com
Mon Apr 20 11:46:36 MDT 2015

The responses from the right-wing naysayers are rather interesting. On the one hand, they assert that the market will punish Dan Price's firm because he is setting wages above the level at which market wages and the marginal product of labor equilibrate.  

But at the same time they are getting all worked up over what he is doing as if they don't really trust the market to "do justice" to him. It is as if they really think that labor markets might turn out to be  monopsonistic in character, so that wages might really be less than the marginal product, in which case his company would likely not suffer at all. In other words, these conservatives are acting as if they really agreed with people like Joan Robinson, and economists since her day, who have held that wages are really a product of class struggle rather than the impersonal forces of supply and demand.  In that case, the success of Dan Price's experiment would be most embarrassing to the free market fanatics.

Jim Farmelant
Learn or Review Basic Math

---------- Original Message ----------
From: Louis Proyect via Marxism <marxism at lists.csbs.utah.edu>
Subject: [Marxism] Praise and Skepticism as One Executive Sets Minimum Wage to $70, 000 a Year
Date: Mon, 20 Apr 2015 11:51:07 -0400

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NY Times, Apr. 20 2015
Praise and Skepticism as One Executive Sets Minimum Wage to $70,000 a Year

When Dan Price announced last week that he would cut his own pay and 
profits to make it possible to raise the minimum wage at Gravity 
Payments, his credit card processing company in Seattle, to a hefty 
$70,000 a year, he had little idea of the whirlwind it would stir.
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