I simplified it so progressive twatwaddles such as yourself can understand it. But the crux of the situation is that economics cannot handle someone being paid $15 an hour to add $5-$10 worth of value to a product or a service. In that situation, costs have to go up.
it still doesn't change the fact that paying people $15 for $10 worth of work is not economically viable.
Who says it's $10 worth of work?
Is $15/hr in today's dollar a better,same or worse value for the earner as compared to MW of the past? What is the standard? If you were to put past MW rates into 2016 real dollars, the MW would be $20+ to match buying power.
Economics say how much value a given task adds to a service or product. MW's in general fix part of the equation that determines the value of a service or product, without raising the end result of the equation, namely what a consumer is willing to pay for something. So if that remains fixed, other parts of the equation have to compensate.
Economics decide?
Nice, safe ambiguous answer.
Simple question. Should wages decrease over time or increase?
When talking about MW, shouldn't the standard be that it buy at least as much as it has in the past?
No, its the real answer, and it is what determines if paying someone $15 for a given job is economically viable or not.
A PERSON's wages should increase over time, as they gain experience and move on to more difficult and valuable labor. Overall wage's increase or decrease is decided by macro-economic factors, and will be further impacted by automation, which will only be increased if we keep thinking we can pay people more than they put back into the system.
And a person's buying power now vs. then is a pretty crappy comparison, considering the changes in technology and availability of services that were not around in the past at costs normal people could afford.