Comment on Open Thread, July 1-15, 2013

Tue, 09 Jul 2013 17:42:59 GMT

What you want is the market wage for untrained labor. Taking the value of trained labor and subtracting the cost of the training should also work and get the same answer.

Minimum wage is legal thing, and doesn't show anything, unless the politicians are consistently setting it just below the market rate for untrained labor. I'm pretty sure they are, but I'd still say you are correct. I shouldn't have said "minimum wage".

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