Just-wage theory tells us that an employer cannot reduce his workers' wages below some presumed "cost of living." Yet, that same employer can be permitted to reduce the worker's wage to zero if the worker has been replaced by a machine.
Original Article: Why the "Just Wage" Theory Doesn't Make Much Sense
Ryan McMaken is the editor of Mises Wire and The Austrian. Send him your article submissions, but read article guidelines first. (Contact: email; twitter.) Ryan has degrees in economics and political science from the University of Colorado, and was the economist for the Colorado Division of Housing from 2009 to 2014. He is the author of Commie Cowboys: The Bourgeoisie and the Nation-State in the Western Genre.
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