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>When you prohibit low-wage work, you don't get more high-paying jobs. You get more unemployment. That wasn't the experience of the UK when we introduced a min
by tonyedgecombe 5y ago
>When you prohibit low-wage work, you don't get more high-paying jobs. You get more unemployment.
That wasn't the experience of the UK when we introduced a minimum wage.
- CryptoPunk 5y agoI mean ceteris paribus. There are numerous other factors that can counter-act the negative impact of price floors, so introducing a price floor, especially one that only affects on the order of 4% of the merchandise, as in the case of minimum wage, does not always correspond with a rise in un-used capacity (unemployment), let alone one that is profound.
- asteroidbelt 5y agoWhat was the experience in the UK? I googled it, and seems like full time unemployment didn’t fall, but part time employment felt a little. Additionally I don’t know (didn’t find) what was the effective minimum wage before the min wage act. If it was already almost equal to min wage, the law was effectively no op. I.e. wages didn’t went up.