“People think I am insane, but I would argue that if the minimum wage had tracked what the top one percent made — and it was $28 today — we would have an unbelievably robust economy,” said venture capitalist Nick Hanauer (an early investor in Amazon.com and co-founder of aQuantive), according to Geekwire.
While there would be unemployment, Hanauer said “I bet you, it would work out really, really well.”
Proving once again that just because you are skilled as a venture capitalist, it doesn't mean that you know a damn thing about how the economy works.
He is also on an inequality kick.
Hanauer said that capitalism is the “greatest social technology ever invented” since it permits and incentivizes people to innovate, which raises standards of living. But he says there is just too much inequality in the system, supported by broken political concepts.
“We need some inequality in our society, and every human society has always had some kind of inequality,” he said. “It has never been an equal thing ever, and it is ludicrous to think it would, but the question is how much economic inequality do we want?”
If technology raises standards of living, what exactly is the problem with inequality? But, hey. if he wants to send me some of his Amazon stock, I'm a willing taker.