Larry Summers Tells It Like It Is: "Something very serious has happened with respect to the general availability of quality jobs"

That's not a living wage. Context is local. Note again that Smith's book is specifically about national economics.

Or do you walk into a grocery store and offer to pay third-world prices for food?

How many times do I have to tell you the same thing over and over again? The jobs that are overseas will NOT EXIST in America. You force factories to buy American labor, you're forcing the factory to shut down because of foreign competition. And then guess what? The jobs DISAPPEAR. So what is your point?

As is under-payment of labour due to intrinsic structural characteristics of the employment markets.

Nope. If there's collusion or monopolistic behavior or other market distorting activities going on, then there needs to be regulation. If two parties are agreeing on the same terms, there's nothing wrong with it. Don't muddle this with bullshit, it's pretty straight forward.

We disagree profoundly but thank you for sharing your unfounded and unsupported opinion.

Unsupported opinions? I'm pointing out the flaw in your logic, keep up.

Funny you should mention that:

Honda
Toyota
BMW
Audi
Volkswagen

Or generally: "Foreign manufacturers bringing jobs to U.S."

AND THAT'S GREAT!!!!!!!! See what happens when American labor competes freely? What are you still complaining about? Clearly every business is fumbling over themselves to get an American worker because of all the advantages you listed in your previous response. They can't wait to pay American workers American wages!!!! Look at all those companies you listed, and that SOURCE!!! Flawless logic right there, and you still bitch about companies not paying American workers what they're worth? Look at all those companies! The world can't get enough of our workers, that's why no one in America is getting underpaid. What's your problem?

I'd suggest you review the concept.

I suggest you actually synthesize what you read and be able to defend your views coherently and logically without resorting to linking countless documents that you do not understand.

/r/Economics Thread Parent Link - econospeak.blogspot.com