Economics‎ > ‎Choice‎ > ‎Price controls‎ > ‎


What is Pay?

This page is a work in progress, a placeholder to discuss the aspects of government control of pay.
The page below this on minimum wage is quite developed.
Note that in private sector pay, it is immoral that someone should interfere. If someone wants to pay too much or too little, that's an issue for the owner(s) of the business and the employee.
On the issue of executive pay, if people argue that it is too much and it hurts the company by overpaying the CEOs then , the company has the responsibility or opportunity to reduce it. No-one else should not get involved where no criminal act has taken place.


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Wider definition

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  • Minimum wage
  • Living wage
  • Executive pay
  • Gig economy pay
  • Public sector pay
  • Universal basic income(UBI) or Minimum income.
Just on the UBI, it is important to note, that there should be no exceptions to this. Otherwise its not universal. Universal = Universal.
If people see that one change can be made, they will just keep voting for exceptions and raises until it is unsustainable.
The rate cannot be set by politicians, as voters have a conflict of interest.

Other attributes

Discrete or continuous
Qualitative or quantitative

What’s wrong with xxxx?

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Arguments against xxxx

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xxxx can have positive externalities

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Source of income and jobs

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Censorship is futile

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Collateral damage

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Banning across borders

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    Teenagers attitudes to xxxx

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    Feminist attitude to xxxx

    Producer level censoring

    Parent or self censoring

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    What next

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    Ryan Bourne on Pay

    • Discussing pay was once shunned upon. Nowdays people all ahve an opinion on others pay.
    • Some people see footballers pay as a problem when compared to nurses
    • Coluding to set salarys is no better than coluding to set prices of other goods.
    • There is an an assumed market failure in the wages people are paid.
    • Soviets set pay structures, bove-market wages for some occupations and below-market wages for others, and predictable shortages arose. Job monility had to be restricted as well to ensure systme survival.
    • Resticting top pay in one market, means top earners will go to another market.
    • Wage distribution would be unjust if it was set by a person, but it is set by relative scarcity, therefore not injust. Prices and wages, are a reflection of relative scarcity.
    • Higher paid workers get paid higher, because they are underpinned by real competitive demand for their songs or talents
    • Morality doesn't address the reasons why we need to pay some workers more