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David Sacks Shares a New Study Which Counters the AI Doomer Narrative “They find that both job growth and wage growth is higher, not lower, in the occupations that are exposed to AI … As you make workers more productive, the value of their labor increases, not decreases, and...

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Chief Nerd

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68,943 просмотров • 8 месяцев назад •via X (Twitter)

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Minimum wage hikes are unemployment machines that price the least skilled workers out of the market. It’s a price floor. If the value of low skill labor is below that line, the worker is priced out of a job. It does not magically make labor more valuable. In America Samoa, they cut thousands of jobs within 3 years (2007). In Seattle, a University of Washington study found that earnings of low wage workers fell as a result of hours lost (2015). In France, the minimum wage is so high relative to average pay that youth unemployment in the banlieues was at 25% for decades. In South Africa, households stopped hiring domestic workers they could no longer afford (2019). But if you’re an established worker who wants to eliminate the competition, it could be a solid move to support it.
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Minimum wage hikes are unemployment machines that price the least skilled workers out of the market. It’s a price floor. If the value of low skill labor is below that line, the worker is priced out of a job. It does not magically make labor more valuable. In America Samoa, they cut thousands of jobs within 3 years (2007). In Seattle, a University of Washington study found that earnings of low wage workers fell as a result of hours lost (2015). In France, the minimum wage is so high relative to average pay that youth unemployment in the banlieues was at 25% for decades. In South Africa, households stopped hiring domestic workers they could no longer afford (2019). But if you’re an established worker who wants to eliminate the competition, it could be a solid move to support it.

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