Scott Alexander critiques a plan to cure youth unemployment by abolishing minimum wage, arguing that unemployment might be preferable to miserable employment at extremely low wages. Longer summary

Scott Alexander discusses Federico's plan to cure youth unemployment through policies like abolishing minimum wage and reducing labor regulations. He explores the potential consequences, comparing unemployment to underemployment at very low wages. The post delves into historical communist strategies, technological unemployment, and the challenges of adapting to a changing job market. Scott argues that unemployment might be preferable to miserable employment at extremely low wages, as it could lead to solutions like a Basic Income Guarantee. He concludes that minimum wage and labor regulations might serve to turn miserably-employed people into unemployed welfare recipients, creating a problem society is more likely to address. Shorter summary