The best estimates from studies since the early 1990s suggest that the 11% minimum wage increase scheduled for this summer will lead to the loss of an additional 300,000 jobs among teens and young adults. This is on top of the continuing job losses the recession is likely to throw our way.
Monday, June 15, 2009
Minimum Wages - Good For Some, Bad For Many
In an earlier post, I stated that one of the most important concepts to articulate in an introductory economics course is the fact that policies which are good for some are not necessarily good for society as a whole. As this Wall Street Journal editorial describes, minimum wages are an excellent example. Though the higher minimum wages currently being considered will benefit those who already have and do not lose their jobs, the author states...
- Projecting Rates of Return
- Opportunity Costs, Livestock, and Colonial America
- Reality of Politics
- Death To America
- The Rational Man
- Passive Values and Policy
- Incentives and Unintended Consequences
- Minimum Wages - Good For Some, Bad For Many
- Incentives and Economics
- Perils of Inflation
- The Indifference Principle
- Principles of Economics
- Good for the Group, Not for Society
- What Is An Economist?
- Stumbling Upon Adam Smith
- Benefits of Education
- Teaching Tips by Eric Devuyst
- ▼ June (17)