this post was submitted on 29 Nov 2023
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I feel like this one is an egg or chicken arguement - you could also argue that because each individual provides such a small amount of economic value compared to other countries (reference back in 2010 was ~80k per capita vs 300k-3mil overseas) we can't provide the wages, or tax revenue to grow.
You could try to argue that, but one option (high wages) lead to higher productivity because it incentivises investment in staff and tools.
Keeping wages low does nothing to incentivise investment in higher productivity, so productivity stays low.
One option is better for companies (keep existing profits), the other is better for the country (lower short term profits until productivity rises).