The only means to raise wage rates permanently for all those eager to earn wages is to raise the productivity of labor by increasing the per-head quota of capital invested and improving the methods of production.
The better the tools are which the worker uses in his job, the more he can perform in an hour, the higher is, consequently, his remuneration.
The height of wage rates is determined by the consumers’ appraisal of the value the worker’s labor adds to the value of the article available for sale.
Ludwig von Mises, Planning for Freedom, p. 6, 151, 190
Blake Masters is the Chief Operating Officer of Thiel Capital running for the United States Senate in Arizona.
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