Spain's minimum wage is up 50% from 8 years ago. Demand for labor has collapsed. There's a thing called the law of supply and demand. Price fluctuates to kee

Spain's minimum wage is up 50% from 8 years ago. Demand for labor has collapsed. There's a thing called the law of supply and demand. Price fluctuates to keep both roughly equal. But when you hold the price artificially high, you get more supply than demand, especially when supply is not easily changed, as is the case with labor. There is no mystery here. Just people adopting policies whose effects they do not or will not understand. http://www.google.com/publicdata/explore?ds=ml9s8a132hlg_&ctype=l&strail=false&bcs=d&nselm=h&met_y=minimum_wage&fdim_y=currency:eur&scale_y=lin&ind_y=false&rdim=country&idim=country:es:ee:lt:bg:cz:hu:el:pt&ifdim=country&tstart=1055919600000&tend=1326873600000&hl=en&dl=en&q=spain+minimum+wage http://www.google.com/publicdata/explore?ds=ml9s8a132hlg_&#3...