The Dark History of the Minimum Wage
TRANSCRIPT AND MP3: https://www.corbettreport.com/?p=27794
There's something strange about the idea of a minimum wage. It's one of those subjects that everyone has a strong opinion about, even if they have no idea what makes actual economic sense. But perhaps the most surprising thing of all is that the minimum wage has a dirty secret that most economists don't want you to know about. Today we explore The Dark History of the Minimum Wage.
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Excellent piece that is very useful to explain and discuss this issue.
It's briefly mentioned but I can't emphasize it enough, the effects of the minimum wage as a barrier to marketplace for small businesses, entrepreneurs and start ups can't be underestimated. It is profound.
my main concern is how minimum wage would hurt small business owners
My main concern is
How minimum wage would hurt
Small business owners
- immawake
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Yup, in addition to being stupid and going against basic economic principles the minimum wage was conceived in racism and designed and has functioned as a tool of racial suppression.
Its hard to dismiss the minimum wage when a fiat currency is in use. It is unethical to have a currency inflate to infinity and not maintain a minimum earning potential. These are issues associated with planned economies.
I don't know that you have finished thinking this through. The minimum wage is brought to you by the very same people who bring you fiat currency and inflation (although they are almost always hidden in the background - they work through various front men politicians). The people hurt the most are those on fixed income (or no income) retirements. And those who have lived within their means and put away savings in the fiat currency.
No, I do not specialize in this area. I also do not pretend to know the answer. My statement warned that manipulation of currency value would cause a need for to set an artificial bottom wage to follow the inflation to prevent the negative effects of intefering in the first place. I also argued against planned economy. After re-reading it, I can see how one could get the wrong idea.
We are trying very hard to provide alternatives to fiat currency. One that doesn't leave the current fraudsters still in charge after a transition.
@corbettreport Gracias a su publicación por su aporte lo del salario. Hay amigo aquí en Venezuela los salarios mínimos no alcanzan para comer ni siquiera 3 días esto es estresante y lamentable
Anyone who has taken a freshman econ class in college can tell you the multitude of problems with minimum wage. I cant believe people even argue for this, but then again the average citizen is highly under educated. Perhaps the idea sounds appealing to some however it is detrimental to an economy like all price floors and ceilings are.