Tuesday, August 24, 2010

The Money Taboo

There is this economic principle called "The Money Taboo" which basically states that in many cultures it is taboo to discuss an individuals income/expenses. One of the negative results of this taboo is an increase in frictional unemployment because workers are unaware of how much better the job across the street pays, because it is never discussed in polite conversion. I think people should actively attempt to change our culture, in order to improve the economy for the working class. People who make excessive amounts of money will be ashamed, people who make less than competitors will be motivated, and the minimum wage will become more effective as a tool for raising other low wages and benefits.

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