President Obama has proposed raising the minimum wage from $7.25 to $9.00 per hour. Most economists are against minimum wage laws because it discourages firms from hiring low-skilled workers. An easy way to understand the mechanics of minimum wage laws is to ask: What would happen if we raised the minimum wage to $1,000 per hour?
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Ben Mathew
Author of Economics: The Remarkable Story of How the Economy Works Archives
October 2016
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