Sunday, July 30, 2006
Are we to believe that raising the minimum wage will help the low middle class? The Supreme Court had once found the minimum wage unconstitutional. You can find more information about minimum wage on Wikipedia. Throughout history the minimum wage has been used to reduce the amount of labour. I can not recite the history of the minimum wage but once again I turn to economic blogs to help provide an explanation. Cafe Hayek's response, Marginal Revolution's response, and I'll let you read through one of my favorite economic blogs the Austrian Economists to understand why society does not accept the idea that the minimum wage is bad.