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I could not convince my friend that raising minimum wage does not cause inflation. | ResetEra
'We had a multi-hour discussion several days ago that went late into the night. ', "I'm challenging the idea that raising minimum wage leads to inflation."
'His argument: "If everyone has more money then money isn't worth as much."'
'I tried to argue, that if you give $100 to a billionaire he either buys luxury items or invests it in whatever. '
'So even if businesses have to pay employees more money than before, they make up for it by getting more customers than before. '
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[–] derram ago
https://archive.fo/sD6Kg :
'We had a multi-hour discussion several days ago that went late into the night. ', "I'm challenging the idea that raising minimum wage leads to inflation."
'His argument: "If everyone has more money then money isn't worth as much."'
'I tried to argue, that if you give $100 to a billionaire he either buys luxury items or invests it in whatever. '
'So even if businesses have to pay employees more money than before, they make up for it by getting more customers than before. '
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