Difference between revisions of "Minimum Wage"
From Critiques Of Libertarianism
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{{DES | des = Contrary to [[Economics 101]] dogmas, minimum wage law has no harmful effects on employment according to many real-world studies. And definitely not the harmful effects long claimed by its opponents. Minimum wage does effectively reduce [[poverty]]. | show=}} | {{DES | des = Contrary to [[Economics 101]] dogmas, minimum wage law has no harmful effects on employment according to many real-world studies. And definitely not the harmful effects long claimed by its opponents. Minimum wage does effectively reduce [[poverty]]. | show=}} | ||
| − | Libertarians claim their opposition is because they consider minimum wage to be government interference with markets for labor. Roughly 150 years ago, people who made that same claim started the US Civil War to prevent the federal government from abolishing the ancient and customary practice of slavery. How dare the feds suggest that they must pay black people rather than keep them as slaves? What an unwarranted federal interference in business and markets! Sarcasm aside, what this illustrates is that freedoms exist within institutions which distribute the powers and freedoms to the participants. If a labor market does not permit slavery, it is not fundamentally different than if a labor market does not permit wages below a certain point. The federal government (and others) regulates the labor market. | + | Libertarians claim their opposition is because they consider minimum wage to be government interference with markets for labor. Roughly 150 years ago, people who made that same claim started the US Civil War to prevent the federal government from abolishing the ancient and customary practice of slavery. How dare the feds suggest that they must pay black people rather than keep them as slaves? What an unwarranted federal interference in business and markets! Sarcasm aside, what this illustrates is that freedoms exist within institutions which distribute the powers and freedoms to the participants. If a labor market does not permit slavery, it is not fundamentally different than if a labor market does not permit wages below a certain point. The federal government (and others) regulates the labor market. In 2018, the minimum wage would be $26/hour if it had kept up with inflation and increases in productivity. |
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