handoflixue comments on A potentially great improvement to minimum wage laws to handle both economic efficiency as well as poverty concerns - Less Wrong
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It's worth pointing out that a couple countries have that sort of social security and still have a minimum wage, and they seem to do just fine. (Australia, I believe UK too?)
It's also very worth watching the politics that go in to that - a mathematically ideal policy is useless if you can't get people to accept it. Proving that it's mathematically ideal is very rarely compelling, either.