Thursday, December 05, 2013

Burger Flipper Economics 101

These people say they “deserve” $15 per hour. They are ENTITLED to it.
Contrary to what the populist Chairman Obamao bloviates, it’s not about what people “deserve.” It’s about what value people bring to the market– what set of skills they bring to the table and how marketable and valuable that skill set is.
People who can flip burgers or keep a menu straight are a dime a dozen. That doesn’t make them bad or inferior as people, it’s just that there are many, many people with that skill set who can fill that position.
If someone is terminated or quits a burger flipper position, the pool of people who possess and/or can be easily trained for that skill set is enormous. That position can be easily filled.
People who can successfully manage and run a restaurant and its finances have a different skill set. Though they are still ubiquitous in number, they are fewer in number than the burger flippers. They get paid a little higher, because people with the more specialized skill set are higher in demand.
People who can do neurosurgery, or for that matter who can play ball at the major league level, are very few in number–they bring an esoteric skill set– they are very few in number, and very, very few people can fill their shoes if they leave.
A higher wage is commanded by such people, because of the value they bring, like rare, fine diamonds– they are higher in price because they aren’t found everywhere. The market screams for such talent, yet such talent is so rare, that the talent must be compensated well in order to keep that talent.
It’s basic market economics, people!
QUESTION: How many of you think fast food workers deserve 15 dollars and hour????
QUESTION: How many of you think fast food workers “deserve” 15 dollars an hour????