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Cake day: September 13th, 2023

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  • Interestingly, The Tragedy of the Commons really does work with psychopaths, so once you move from a person to person level to corporations interacting the Tragedy of the Commons problem becomes a serious issue. Take a minimum wage, it necessary for the population as a whole to have surplus wealth to spend to keep an economy going. Individual companies, on the other hand, have an incentive to pay their own employees a pittance. If every company does that then there’s no surplus wealth for people to purchase most goods and slowly the economy grinds to a halt. Hence it’s in society’s best interest to have a healthy and large minimum wage (or better yet a UBI system) which will have to be enforced on companies by an outside force.