Man so many gems in his archive comments. This was back when Sumner first created the blog to shine a light on how everybody was reading the 08 crisis wrong, so it was small-time at first and he explained loads of topics very well in comments section

Companies do not determine wages, markets do. If companies had that ability, why would McDonald’s often pay starting employees wages far above the minimum wage? Or why would companies pay workers in Switzerland 100 times more than Bangledesh? The answer is that wages are determined by productivity. Low skilled workers would still prefer more wages to less, and will seek out the job that is best for them–where they are most productive. So I am not at all concerned about the issue you raise. My proposal would generate full employment, and the wage level would then be determined in each industry by productivity levels, not by company decisions. It only seems like companies have an ability to determine wages because there are cases where the labor market is not free, and companies have monopsony power.