Capitalism and The Price of Labor

No. Under capitalism, one’s wages depend on how much one can produce. That is why Michael Jordan — or a doctor — gets paid millions of dollars more than the minimum wage. It depends on how well and how much they produce. The reason why factory laborers receive more wages in America is that they […]

No. Under capitalism, one’s wages depend on how much one can produce. That is why Michael Jordan — or a doctor — gets paid millions of dollars more than the minimum wage. It depends on how well and how much they produce. The reason why factory laborers receive more wages in America is that they are rendered more productive by productive use of capital.

Capitalism FAQ

Intellectually “chew” the ideas brought up in the tour by exploring the Capitalism FAQ (Frequently Asked Questions).

 

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