06-10-2013, 02:22 PM
(06-10-2013, 05:55 AM)Taem Wrote: A service (such as your typical factory worker) can be just as valuable a good as any commodity (such as gold), thus it's only a matter of time before the inevitable; I'm sure you can see where I'm going with this: where corporations can no longer exploit cheaper workers in foreign countries to save a buck. [...]
And when this time comes, and the majority of the world has reached a saturation of equality, the one world currency abounds.
All else equal, the marginal compensation for labour should equal out over time, and skill premia should converge on time-discounted labour. (That is, everyone earns the same, adjusted for their education level, for which they get paid a bonus to compensate for the time invested.)
Of course, all else isn't equal, and a thousand different factors will keep wages in some places higher than others.
What does this have to do with currency?
-Jester