As the PA Senate deliberates on the minimum wage law, they must internalize this lesson ... there must be no increase under any circumstance.
The debate over the minimum wage often ignores much of the relevant information. The issue boils down to conservatives saying it will cause unemployment and progressives saying it won’t. Inevitably, evidence will affirm either side at some point.
Contrarily, a libertarian, like myself, will say that there will be necessary welfare-diminishing effects of a minimum wage increase, regardless of changes in total employment. For starters, minimum wage increases might not be effective. If the prevailing wage is already above the new minimum wage, then there won’t be unemployment. In fact, there might be increased employment in growing industries, but that is only because the minimum wage is ineffective.
Bottom line: the minimum wage cannot cause increased employment. In the event a minimum wage is effective , there might be a decrease in total hours worked, rather than a decrease in total employment. This would not appear in unemployment statistics. Furthermore, when one form of compensation is forcibly increased, another form of compensation might decrease.
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