A Living Wage for Capitalism (Project-Syndicate)

Higher nominal wages for low-paid workers can boost real earnings, increase consumer spending, and help make housing more affordable. And insofar as raising the minimum would increase companies’ wage bill, it would create a stronger incentive to replace labor with capital, which could lay the foundation for renewed productivity growth.

https://www.project-syndicate.org/commentary/capitalist-case-for-minimum-wage-by-jim-o-neill-2019-11

Jim O’Neill, a former chairman of Goldman Sachs Asset Management and a former UK Treasury Minister, is Chair of Chatham House.

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