I can’t tell if you’re against minimum wage laws or not but I’ll say regardless that minimum wage laws show a boat in worker income and small employment effects:
The 5% of economists who suck up to politicians are always able to find data that shows that if you set a floor on the price of labor it somehow doesn't affect demand. The other 95%–the ones who aren't grifters–know that the only effect of minimum wage laws is unemployment for those who would otherwise make less than the price floor. This has devastating effects on teenage and young adult unemployment, and prevents those people from gaining experience, which is highly correlated with income.
Everyone can already set their own price floor under which they will not work. There's zero good reason to make it illegal for people to choose their own minimum. This is third parties making the decision because they feel icky about it. No one who's ever had a low wage would've preferred to not work at all. Ask all the people e.g. who worked for $10/h before California raised the minimum wage to $15/h.
When less experienced workers agree to receive less in compensation it's because they understand that they are not just being compensated financially, they are also gaining experience.
surement|3 years ago
Everyone can already set their own price floor under which they will not work. There's zero good reason to make it illegal for people to choose their own minimum. This is third parties making the decision because they feel icky about it. No one who's ever had a low wage would've preferred to not work at all. Ask all the people e.g. who worked for $10/h before California raised the minimum wage to $15/h.
When less experienced workers agree to receive less in compensation it's because they understand that they are not just being compensated financially, they are also gaining experience.