2min chapter

The Daily cover image

The Fight for (and Against) a $15 Minimum Wage

The Daily

CHAPTER

The Real World Doesn't Work the Way That Simple Supply and Demand Model Suggests

If we raised the costs for employers, how could they not need to cut workers? And i think that the answer is that there's a growing body of evidence that the real world does not work the way that simple supply and demand model suggests. If my labor is worth, call it eight bucks an hour, and my employer tries to pay me only seven twenty five, in a simple supply and demand market, i'm going to walk out the door and find somebody who'll pay me eight bucks an hour. But in the real world, it can be more complicated than that....

00:00

Get the Snipd
podcast app

Unlock the knowledge in podcasts with the podcast player of the future.
App store bannerPlay store banner

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

Save any
moment

Hear something you like? Tap your headphones to save it with AI-generated key takeaways

Share
& Export

Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode