Guest Post by Paul Jacob
It should shock no one: denying unskilled workers the opportunity to sell their labor for less ends up disadvantaging those unskilled workers against better-skilled ones.
That’s precisely what standard economic theory predicts. It’s what common sense should tell you.
And it’s what a major new study — with access to more data sets than ever before — says does happen. Minimum wage laws put workers at the lowest rung of the economic ladder out of work.
But, but . . . I hear the sputtering: minimum wage laws are nearly everywhere, and sure are popular.
Continue reading “The Minimum Wage — Science Strikes Back”
