It is only through the increase in capital goods, i.e., through the enhancement and the expansion of the infrastructure, that labor can become more productive and earn a higher hourly wage.
Students have been denied in-person schooling. At the same time, millions of women—many of whom have children—have been thrown out of work. Suddenly, homeschooling became a much more viable and necessary option.
Lockdowns have already pummeled the US labor market, and efforts to increase regulations in the name of "protecting workers" will only make things worse.
Economic realities mean the socialist state would need to utilize the same method of discounting wages as capitalists do. The only difference is that under socialism, bureaucrats would do the "exploitation."
The best social policy is one that supports job creation and rising wages. Entitlements do not make a society more prosperous, and ultimately drive it to stagnation.
A just scheme for reparations requires us to identify specific victims. But current calls for reparations do no such thing. Also, the British economy was not built on slavery, as some now claim.
The highly regulated, protectionist Japanese economy, and an overall collectivist culture, leaves little room for flexibility in executive pay. This makes Japanese businesses less competitive, and work life more miserable.
