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Mandating an increased minimum hourly rate simultaneously demands a increased productivity.   Wages have a tendency of making work when work is not needed or before that work is better performed in order to sustain the worker's hourly productivity.   Also, the wages discourages the practice of pre-emptive learning or just waiting around for when the precise skills are absolutely needed.

This episode is also available as a blog post: http://hypothesis-discovery.com/2021/05/10/raising-the-minimum-productivity/