Terrific, some states are considering raising minimum wages. What happened to capitalism? Why are we trying to disrupt the very economic system that our country was founded upon? We discussed price floors in class the other day, minimum wage is a price floor, if you remember, price floors have the potential to cause surplus. Well, what is a surplus of employees called? UNEMPLOYMENT. And aside from unemployment, to compensate for the increase in labor costs, businesses raise the price of their products and everyone making above minimum wage is worse off! Why can't we let the natural laws of supply and demand run their course? In the long-run we would be so much better off. Oh, I forgot, in the long-run we die, give me a break! If we continue to mess with the system, we may be dead long before the long-run!
http://massdiscussion.blogspot.com/2005/03/minimum-wage.html
2 comments:
In theory, you are correct, but theory unfortunately doesn't translate into a fair wage for many Americans. You are forgetting the fact that politicians gain very little votes from letting the uncaring invisible hand take care of business.
-1 on Logan's post for a poorly formatted link.
-1 on Maddy's comment for a spelling error.
Hey Phil - nice to see you still checking in!
For the most part, you're preaching to the converted here.
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