Tuesday, 1 October 2013

Minimum wages laws explained in one flowchart

The argument for a so-called “living wage” is simply the same old argument for legally enforced minimum wages, only this time on steroids.  Which means it makes even less economic sense. Despite that, New Labour have decided it makes political sense since, presumably, few have the economic argument at their fingertips—so here, to cut out and keep, is a handy flow chart summarising the arguments for and against.

The author of the flowchart, Stephen Hicks, has much more here on each of the steps.

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