Monday, July 14, 2014

Three Overlooked Points About the Minimum Wage

Professor of Economics and Carpe Diem blogger Mark Perry highlights excerpts from a series of WSJ letters to the editor on a previously published WSJ feature about the damage inflicted by minimum wage laws.  Here's Perry's compliation of the most important takeaways from these letters:
MP: Three great points about the minimum wage: 1) its unintended effects are racist, b) minimum wage jobs are often the first step to higher-paying jobs, including management positions, and c) it’s not really about sound economics, so let’s stop pretending and admit that it’s all about politics and votes.
There is considerably more explanation and analysis at the link above; I definitely recommend you check it out.