
Over the last few years, there has been a bump in discussion with regards to increasing minimum wage to what is being termed a “living wage”.
Any Economics 101 student can tell you a minimum wage is a price floor. What price floors do is prevent the market from reaching the equilibrium point and in the case of a minimum wage (or living wage) they create a higher supply of people who want those jobs, and a lower number of employers wanting to provide those jobs. This is inefficiency in the mar...
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