People need a "power imbalance"
Reader comment on: Minimum Wage
Submitted by Harry Binswanger (United States), Nov 24, 2017 23:21
Mr. Stoll says defenders of the minimum wage tell him about the "power imbalance" faced by the poor. This is a great example of how twisted language can shove minds into fantasyland. The "power imbalance" is not an imbalance in muscles or physical might or political clout, it is an "imbalance" of wealth--of producing power and buying power.
Now, if you're poor, or even middle class, whom do you want to trade with, deal with, interact with--"millionaires and billionaires" or the penniless? Do you want to seek employment from someone with tons of money or someone poorer than yourself?
Other things equal, do you prefer to live in a place like Beverly Hills or like Bangladesh? The power of other people to make money and spend it on your services or your products is your greatest ally.
It is the power of brute force--destructive, not productive power--that we rightly fear. And that's what governmental power is. Governmental power is the power to compel obedience under penalty of fine, imprisonment, and death.
See my article, "The Dollar and the Gun," https://www.hbletter.com/the-dollar-and-the-gun/
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