Minimum Wage
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MonopolyOnReason
Oct 17, 2008, 7:10:14 PM10/17/08
to Anarchism
There should certainly not be a minimum wage of any kind. There are
many practical arguments that show that it does not serve the goals of
anyone involved.
When there is a minimum wage in effect, the government has declared it
illegal to voluntarily make a deal between two parties to trade money
for labor at a rate lower than that declared price. It is nothing
less than an attempt to apply price controls to labor by setting an
arbitrary floor price. But the government does not have the power to
magically change the relative value of labor in a given market. What
if one’s lack of skills are such that the value of their labor is less
than that amount? The government has just made it illegal for that
person to work.
There are a couple of possibilities here…
Read the rest of this » http://monopolyonreason.com/blog/?p=121
many practical arguments that show that it does not serve the goals of
anyone involved.
When there is a minimum wage in effect, the government has declared it
illegal to voluntarily make a deal between two parties to trade money
for labor at a rate lower than that declared price. It is nothing
less than an attempt to apply price controls to labor by setting an
arbitrary floor price. But the government does not have the power to
magically change the relative value of labor in a given market. What
if one’s lack of skills are such that the value of their labor is less
than that amount? The government has just made it illegal for that
person to work.
There are a couple of possibilities here…
Read the rest of this » http://monopolyonreason.com/blog/?p=121
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