Capitalist mystics, aka libertarians, will often argue that there is no discernable basis for price. It’s just whatever a seller and purchaser agree it will be. There’s nothing else to know and no need to consider how or why prices tend towards a predictable level. Where do wages and profit come from and why some people get more than others? That’s just personal morality reflected as value. Value is absolutely not the product of work.
They’ll still also argue that increases in minimum wage necessarily result in corresponding price increases, completely forgetting that profits even exist. They’ll also tell you that you don’t understand basic economic ideas.
Capitalist mystics, aka libertarians, will often argue that there is no discernable basis for price. It’s just whatever a seller and purchaser agree it will be. There’s nothing else to know and no need to consider how or why prices tend towards a predictable level. Where do wages and profit come from and why some people get more than others? That’s just personal morality reflected as value. Value is absolutely not the product of work.
They’ll still also argue that increases in minimum wage necessarily result in corresponding price increases, completely forgetting that profits even exist. They’ll also tell you that you don’t understand basic economic ideas.