As the PA Senate deliberates on the minimum wage law, they must internalize this lesson ... there must be no increase under any circumstance.
The debate over the minimum wage often ignores much of the relevant information. The issue boils down to conservatives saying it will cause unemployment and progressives saying it won’t. Inevitably, evidence will affirm either side at some point.
Contrarily, a libertarian, like myself, will say that there will be necessary welfare-diminishing effects of a minimum wage increase, regardless of changes in total employment. For starters, minimum wage increases might not be effective. If the prevailing wage is already above the new minimum wage, then there won’t be unemployment. In fact, there might be increased employment in growing industries, but that is only because the minimum wage is ineffective.
Bottom line: the minimum wage cannot cause increased employment. In the event a minimum wage is effective , there might be a decrease in total hours worked, rather than a decrease in total employment. This would not appear in unemployment statistics. Furthermore, when one form of compensation is forcibly increased, another form of compensation might decrease.
If you purchase a product or register for an account through one of the links on our site, we may receive compensation. By browsing this site, we may share your information with our social media partners in accordance with our
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
School vouchers are dangerous for public schools | PennLive lettersIf every Pennsylvanian paid their fair share of taxes, we would have the resources to support all our students – equitably.
Read more »
Meet PennLive’s 2023 Boys Track and Field All-Star TeamHere are the guys who had the best performances in the Mid-Penn this year.
Read more »
Meet PennLive’s 2023 Girls Track and Field All-Star TeamHere are the girls who had the best performances in the Mid-Penn this year.
Read more »
Former President Trump is a threat to American security | PennLive lettersIt is perplexing why so many military personnel continue to support former President Donald Trump.
Read more »
The child care industry is facing a crisis | PennLive lettersThe federal and state governments must step in and treat childcare centers like the infrastructure that it is
Read more »
Gay pride is about being treated with dignity, not demanding privilege | PennLive lettersAny pushback that those who oppose gay rights might face will pale by comparison to the extreme social stigma suffered by gays and trans people.
Read more »