From Walter E. Williams, also at Investors.com.
Good intentions motivate most Americans in their support for minimum-wage laws, but for compassionate public policy, one should examine the laws' effect.
That's seen by putting oneself in the place of an employer and asking, "If I must pay $7.25 an hour to no matter whom I hire, does it pay me to hire a worker who's so unfortunate as to have skills that enable him to produce, say, only $4 worth of value an hour?"
Most employers would view hiring such a worker as a losing economic proposition; therefore, a minimum-wage law discriminates against low-skilled workers by reducing employment opportunity. ...
Recent Comments