An economic currency value equal to what the current minimum wage per hour is where you
live. One Minimo is what someone what no skills, experience, or education get paid for one hour labor. So naturally jobs that require a certain degree of
skill, experience, or a certain
level of education get paid a lot more than one Minimo. For example a
Doctor with a PHD, internship experience, and the state licensing required will expect at least ten Mimimos per hour.
The Minimo can also be used as an economic measuring stick to compare the value of things. For example, in 1969 my
parents bought a house for $20,900 when the Mimimo was $
1.30. It would take 16,076.92 Minimos to purchase that property. Now the house is worth $350,000 and the Minimo is now $13. This means it would take
26,923.08 Minimos to buy that same house.
The value of workers paychecks is diminished when their income
level does not keep up with increments in Minimos. Let’s say for example you started a
job ten years ago when the minimum wage was $7.25 an hour for
two Minimos per hour. Over the last ten years you
got only
12% in pay increments which is below the inflation rate. Then somebody decides that forcing employers to pay $
15 an hour will make things affordable so they raise the income of pimply faces teenage stoners. Now you are barely making one Minimo. That same worker now needs to make $30 an hour to have the same place in the economy. Otherwise, they might as well be sacking groceries at Publix.
