If you agree* with TIME?s Michael Grunwald in his latest ?Briefing? that:
To some extent, every economic transaction is psychological. There’s no inherent value to a house, a stock or even the U.S. dollar ? just the value on which a buyer and seller can agree.
then you should admit economic transactions involving labor have no inherent value outside the agreement between a buyer (employer) and seller (worker). This demolishes the argument in favor of a minimum wage.
It?s unfortunate that Rockefeller Foundation president Judith Rodin didn?t consider that information before writing in TIME that a higher minimum wage is an example of a policy to ?reward hard work.?
*Grunwald?s on the right track, but the buyer and seller in a free trade don?t agree on the value of a particular item. The buyer values the seller?s product more than he values the money he gives the seller. The seller values the money he gets for his product more than he values the product.
