Does anybody have any data or reasoning that tracks the history of the relative magnitude of ideal value of unskilled labor versus ideal minimum cost of living? Presumably this ratio has been tracking favorably, even if in current practical economies the median available minimum wage job is in a city with a dangerously tight actual cost of living.
What I’d like to understand is, outside of minimum wage enforcement and solvable inefficiencies that affect the cost of basic goods, how much more economic output does an unskilled worker have over the cost what she needs to survive with health insurance?
It would be interesting if it could be projected that the value of a newly minted independent adult’s average labor abilities will, in the period of object-level AI, far surpass the cost of resources needed to keep that person alive and healthy.
Unemployment then wouldn’t be the issue. Boredom would.
Does anybody have any data or reasoning that tracks the history of the relative magnitude of ideal value of unskilled labor versus ideal minimum cost of living? Presumably this ratio has been tracking favorably, even if in current practical economies the median available minimum wage job is in a city with a dangerously tight actual cost of living.
What I’d like to understand is, outside of minimum wage enforcement and solvable inefficiencies that affect the cost of basic goods, how much more economic output does an unskilled worker have over the cost what she needs to survive with health insurance?
It would be interesting if it could be projected that the value of a newly minted independent adult’s average labor abilities will, in the period of object-level AI, far surpass the cost of resources needed to keep that person alive and healthy.
Unemployment then wouldn’t be the issue. Boredom would.