People often think of the minimum wage as a restriction on employers — that they cannot pay less than a certain number for a job. But it is also equally a restriction on job seekers — my son cannot legally offer to take a job for less than $7.25, even though he would probably gladly do so. For teenagers, just gaining the experience of working and building basic skills (like showing up on time, following procedures, interacting with customers and fellow employees) has enormous value, such that even a nominal payment of a few dollars an hour would more than compensate him for his labor.
Friday, July 10, 2009
The laws of economics don't change by decree.