2 ms·
The minimum wage is a step function -- if the employee is worth less than the minimum wage, then they get $0; if they are worth the same or even slightly more t
by pcvarmint 10y ago
The minimum wage is a step function -- if the employee is worth less than the minimum wage, then they get $0; if they are worth the same or even slightly more than the minimum wage, then they get only the minimum wage.
The minimum wage essentially says "It shall be unlawful to employ people if they are worth less than a prescribed amount". If they are unemployable because of the law, then welfare will make them dependent on the state, and it will make sure that they are never fully employed.
These are the real consequences to well-meaning but misguided policy.
- DougN7 10y agoThat's a really interesting way of putting it, and it makes sense.