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“and my understanding is economics tells us that there will ALWAYS be unemployment” Will there? In my state just a couple years ago traditional minimum wage j
by krupan 6y ago
“and my understanding is economics tells us that there will ALWAYS be unemployment”
Will there? In my state just a couple years ago traditional minimum wage jobs could not be filled. State minimum wage was around $7 an hour and every fast food restaurant and grocery store had big signs out front offering $11 or $12 an hour.
In general, it would seem that if everyone was free to offer work at any price, and everyone was free to accept work at any price, yes, some very low value jobs would race to the bottom, but those would be jobs that don’t even exist right now due to minimum wage laws. Many more people would be able to get at least some job, and in many cases wages would naturally go up without the need of government coercion.