The time, labor, resources, and risk of the Entrepreneur is not considered in the debate on minimum wage. Minimum wage is unethical appropriation (cousin to the term “theft”) from the small business owner to the employee.
There’s more to the cost of things besides JUST human labor. There is risk, time, reputation, initial capital investments, etc. that need to be considered on what a “fair wage” is.
For the entrepreneur who ends up losing money after two years of business, the hourly workers come out ahead! Who’s going to pay for the entrepreneurs’ losses? Will the government? What about the hourly workers?
The complexity is so severe in determining a “fair wage”, that only two private parties can come to a mutual, voluntary understanding. Someone from the outside cannot realistically consider all factors involved from both sides, except the individuals involved in the transaction.
Right to your own labor as exerts from your body.
MORE DISCUSSION ON HOW MARX GOT IT RIGHT & LABOUR THEORY OF VALUE: http://tomwoods.com/podcast/ep-509-was-karl-marx-right-about-anything/
SMALL BUSINESS OWNER
Start a business, expenses, risks, and time
– Natural Resources
– Human Action
– Need (Warmth)
FIRE (Consumer GOods)
CAPITAL GOODS (Axe)
Risk (Uncertainty of the Future)
LAWN MOWER COMPANY
Capital Goods (Lawn Mower, $100)
$50 / $50, Founding Partner
CUstomer goodwill, reputation