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46 sats \ 2 replies \ @Bell_curve 4 Jan \ on: Help me understand minimum wage logic better econ
Minimum wage laws decrease employment or increase unemployment especially for the poorest or lowest class workers.
Unions often lobby government to increase minimum wage so low wage workers can't compete with higher paid union members. If employers hired low wage workers then they can layoff higher paid union workers.
@Undisciplined and @Rothbardian_fanatic can explain better
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53 sats \ 0 replies \ @Undisciplined 4 Jan
This is a good succinct place to start. I'm happy to elaborate if OP wants more detail.
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21 sats \ 0 replies \ @Rothbardian_fanatic 4 Jan
This is a pretty cogent answer to the minimum wage problem. The only other thing I would add is that no minimum wage allows anyone that wants to work to work.
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