Someone just posted this on Facebook. I think there is a massive flaw in this thinking.
Here's why...
If you only have the minimum wage to live on is that the limit to your earning potential? No.
The thing about capitalism in the west is that if you don't like your income you can change it by providing value to the marketplace.
Don't know how? There are 30,000 books published every day, buy a few of them.
$15 an hour is already available to those who create $15 of value in an hour. We don't need a law for that.
You can make $1,500 an hour if you provide 100x more value to the marketplace during that hour.
You don't get paid for the hour. You get paid for the value you bring to the hour.
If you got paid for the hour you could just stay home and have them send you your money.
The only proviso I'll add is that while this is the reason why capitalism works so well, we don't currently have free market capitalism in it's purest form.
It's a corrupt version of capitalism.
Steemit allows free market laws to play out perfectly.
The amount a post earns has no relationship to the amount of TIME that we put in.
The post earns in direct proportion to the value to the marketplace (the marketplace is the community of people).
The fact that machines are increasingly automating time consuming jobs, we absolutely MUST move away from thinking about time = money, because it doesn't, never has.
A robot will always be able to do more physical work in an hour than a human....
But can it create as much VALUE?
That's the key question and I believe the answer is no.
I welcome your comments below.