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To the GP point, though, if it's unilaterally applied there may be unintentional consequences. Their example was working as a teenager; relatively high minimum
by bumby 2y ago
To the GP point, though, if it's unilaterally applied there may be unintentional consequences. Their example was working as a teenager; relatively high minimum wages may end up cutting most teenagers out of the workforce. If an employer has the choice between a 35 year old and a 15 year old for the same pay, they are generally going to hire the 35 y.o. That isn't to say minimum wage can't be raised for heads-of-households or some other administrative distinction, but a one-size-fits-all approach may cause a bunch of other issues.
- atoav 2y ago> a one-size-fits-all approach may cause a bunch of other issues. It may. Buy are those issues worse than the current issues? I don't think so — especially if you are inclined to look at countries where the minimum wage is close to (or above) the living wage.
- bumby 2y ago>are those issues worse than the current issues? That's what I consider the correct way to think about this. So do you have thought on what metrics you'd use to measure the net effect? One of the nagging facts that bothers me is that, even as we see increases in minimum wage, there seems to be certain segments of society (particularly young men) who are disproportionately dropping out of the labor pool.