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The decision by Amazon to raise its US entry-level wage to $15 an hour, announced at the start of October, is obviously good news for its workers. Beyond that, it is a small gift to those interested in economics and political economy, because the pay rise triggers some intriguing thoughts and speculations.
First, an obvious point: this is not a “minimum wage”, a term that should be reserved for legally required wage floors. There is an important difference between voluntarily setting a floor for entry-level employees’ pay and being forced to pay above a certain amount.
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