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Yes. If one were to analyze the effects of a minimum wage, why would one look at the minimum wage itself? The minimum wage is a price floor that can only drive
by brenschluss 13y ago
Yes. If one were to analyze the effects of a minimum wage, why would one look at the minimum wage itself? The minimum wage is a price floor that can only drive wages up. It would be logical to understand that an hourly wage ( for example, minimum wage + $0.50) is a function of the minimum wage.
- glenra 13y ago> The minimum wage is a price floor that can only drive wages up Not quite true. It can also drive people out of work. If you include all the people who lose their jobs (counting their new wage as $0/hour), the average wage paid to all the people involved might easily decline when the minimum wage rate is increased.