Labor - Issues
Unfortunately, there are several reasons why the wage might have to vary from person to person. People might refuse to do some types of work if there weren't a financial reward for doing it. For example, people doing dangerous or unpleasant work might need to be paid a premium wage. If people are responsible for acquiring skills and knowledge needed for the work they do, they will need to be paid more to compensate them for the training they have done. Otherwise, nobody would bother to train. People with rare and useful natural abilities may need to be paid more to ensure that the businesses that hire them use their abilities to the greatest advantage. Finally, wages may need to be adjusted to provide incentives for people to work hard.
I am going to explore these and other issues in the book I am writing. My belief is that many of these problems can be solved without resorting to adjusting wages. Some variation in wages will inevitably be needed. However, by setting up appropriate rules and regulations, wage adjustments should only rarely be needed. I will describe how some of these rules could work in my book. For now, let’s assume that most people earn the same wage and it is used as a peg for a new currency, the workhour. Wages are not permitted to increase over time.
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