On Minimum Wage

A friend recently sent me this article on minimum wage:

Ending Minimum Wage Likely Wouldn't Dent Jobless Rate


Response:

There are effects of the second order that this article ignores. For example, even if a drop in minimum wage did not increase employment levels (which it would), goods will become cheaper. I experience this first hand in Georgia when I eat out. Even in the city, beers are 1 to 2 dollars less than in California, and meals cost 2 to 4 dollars less on average. The chief culprit? Lower minimum wage.

The real question is: What gives government the right to force owners of factories, restaurants and any other firms to pay workers a wage higher than they would normally agree upon? Nothing but might. The truth is, low wages are important because they allow workers to get experience in in fields with which they unacquainted, they keep prices low, they allow for higher levels of employment, and most of all, because people should be free.

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