4 ms·
Labor is just another commodity. Its pricing (pay) is govern by law of demand and supply. There is no minimum wage. If there is, market will adjust to adapt to
by ikerdanzel 6y ago
Labor is just another commodity. Its pricing (pay) is govern by law of demand and supply. There is no minimum wage. If there is, market will adjust to adapt to it. This is why EU has predominantly high unemployment vs say China or other parts of the world that don't practice minimum wage. You can even observe this is happening in states that practice and don't. Good luck with Cali and NYC. You can see a lot of business exodus there. Market is adjusting. Focus on increasing demand for labor (more jobs), their wage will automatically go up. Retrain the workers to fit into another market, hence reducing the supply of their existing market, those that remain, wage will go up. Build the wall with strong border reducing illegals, wage will go up. Invoke forced minimum wage, market will readjust reducing demand and increasing unemployment to justify wage to go up. All the pro minimum wage studies are flawed. You just have to check how Singapore did it. No minimum wage there.