Archive for March, 2015

Raise The Minimum Wage: It’s Innovation Policy

March 10th, 2015

downloadRaising the minimum wage across the U.S. may be our best innovation policy. You wouldn’t know it from either our current innovation policy or the partisan catfight, cable news talking heads, and tired political arguments about minimum wage. A higher minimum wage is a good thing. It puts more pressure on companies to innovate to increase the value of their products, services, and business models.

I can’t believe I’m saying this! I have never thought the government should set wages. I have always believed that the market should determine wage levels. But the market is cruel and getting crueler. Far too many people are left with either no job or a job that pays a sub-living wage. Most low wage jobs are not ladders to better paying jobs but traps, ensnaring too many people in a vicious cycle of poverty. Maybe I’m getting old, soft or both but my views on minimum wage are changing. I have zero interest in the empty political arguments from either side of the aisle. I’m thinking about it from the perspective of my normal mantra that our economic future has to be about entrepreneurship and innovation. It’s the only winning strategy. Raising the minimum wage should be cast as an innovation policy. Read more